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TRUST AND PROFESSIONAL RESPONSIBILITY IN A LIBERAL MARKET |
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| Authors: | Chris Daykin |
| Institution: | Government Actuary of the United Kingdom and a past President of the Institute of Actuaries. He has recently completed a term as the Chairman of the Professionalism Committee of the International Actuarial Association. |
| Abstract: | Although apparently anti-competitive, the organised professions are deemed to be in the public interest because they ensure a supply of expertise within an ethical framework. Since they rely on the concept of a fiduciary relationship between the professional and the client, any failure of trust can undermine the structure. The paper explores the basis for trust, why trust may have failed, and how it might be restored. |
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