What would you suggest as a 'punishment'? Expulsion from membership, a fine, a disciplinary tribunal?
The sanctions available to Adjudication Panels include no sanction, a Reprimand and/or a Fine up to £7,500.
The sanctions available to a Disciplinary Tribunal Panel (which is not a sanction itself, but a means of taking a decision as to whether misconduct occurred) are: no sanction, a Reprimand and/or a Fine (which can exceed £7,500 but by how much I don't think is clear at present) and/or a period of Expulsion (for current members) or Exclusion (for former members).
Any sanction would be decided by the relevant Adjudication or Disciplinary Tribunal Panel. The purpose of sanctions is to protect the public and the reputation of actuaries generally. If you were on such a panel (or on the equivalent for a disciplinary process taken over by the FRC, which is what ought to happen in these cases, because significant public interest is involved), and given the following:
- the public was misled (that Treating Customers Fairly was being followed fully) so there is an element of dishonesty and hence a significant lack of integrity
-the public lost out financially (collectively to several £billion pounds)
-this has been going on over many years
- the actuaries involved benefitted financially from the overcharging of the public
-there was a degree of collusion involved (because no one seems to have followed Speak Up)
what level of sanction would *you* decide upon if you were a member of such a Panel?
What level of sanction do you think the public would expect to deter a repeat of this scandal?