Chapter 8 - Professional Guidance

Question 1

Describe the difference between standards of actuarial practice (SAPs) and advisory practice notes (3) ?

Answer 1

• Standards of Actuarial Practice (SAPs) must be adhered to by all members:
  o Material breach constitutes grounds for complaint under the disciplinary procedures and strong prima facie evidence of unprofessional conduct
  o Any departure from a strict interpretation of SAP must be disclosed and justified in the member’s report
• Advisory Practice Notes (APNs) provide advice to guide members in their relevant area of practice
  o Failure to comply does not in itself constitute grounds for complaint under disciplinary procedures but extent of non-compliance will be considered by committees investigating alleged unprofessional conduct
  o Recommended to disclose any departure in the report