Our "Hot Topics" section aims to keep our members and interested stakeholders up-to-date with our regulatory projects.
Exposure Draft 30 - Quality Assurance Scheme for Organisations
The first of two meetings will be held at Holborn Bars, 138-142 Holborn, London EC1N 2NQ from 18:30 hrs on Monday 10 June 2013. Refreshments will be served from 18:00 hrs.
Directions can be found here.
The second meeting will be held at the Institute and Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP from 17:30 hrs on Wednesday 26 June. Refreshments will be served from 17:00 hrs.
In order for us to gauge participant numbers, we should be grateful if you could please inform us via email to firstname.lastname@example.org if you are planning to attend either of these meetings.
Please note: There are no disabled facilities at this venue. If you require assistance please email email@example.com in advance of the meeting.
8 May 2013
We have recently launched a consultation on a Quality Assurance Scheme for Organisations. The proposals recognise the crucial role of employers in influencing the culture, policies and expectations within which actuaries work.
This is an important new initiative for the Institute and Faculty of Actuaries, and we would encourage you to read the proposals and give us your views. The Consultation document together with details of how to respond can be found here or by going directly to the questionnaire. The full consultation package, including supporting documents, can be found here. The supporting documents can also be downloaded separately: APS Q1, Guide to APS Q1, Operational Guide, Participation Agreement and Monitoring Proposals.
Disciplinary Board Annual Report 2012
The Disciplinary Board has now published its Annual Report for the year 2012. The report provides information on the work of the Board as well as details of the numbers and type of disciplinary cases which have been considered under the Institute and Faculty of Actuaries’ Disciplinary Scheme . The Report can be found at http://www.actuaries.org.uk/regulation/pages/board-minutes-and-reports
Exposure Draft 29 - The Actuaries' Code - PLEASE NOTE: THIS CONSULTATION IS NOW CLOSED.
We have recently launched a consultation on the Actuaries’ Code. As the Code is fundamental to our ethical framework of standards, we welcome views on the proposals. The Consultation document together with details of how to respond can be found here or by going directly to the questionnaire.
Round table meetings for the purpose of testing views on GCASP2
The Institute and Faculty of Actuaries and the FRC are co-hosting round table discussions to gather views on the Groupe Consultatif's Exposure Draft of GCASP2.
These will be held on:
- 31 January 2013, Staple Inn Hall, London from 5:30 pm to 7:00 pm, and
- 6 February 2013, Maclaurin House, Edinburgh, 5.30 pm to 7:00 pm
If you are interested in participating in either of these discussions please contact Karen Cross.
FREE Conflicts of Interest Events: The Conflicts of Interest Working Party will be holding interactive sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK, Ireland and the Channel Islands. Members from the Working Party will be the presenters at each event.
The event structure will be a short presentation on the conflicts package followed by 45 minutes of facilitated case study examples, with participants being divided into small groups, which is then followed by a Q&A session.
We have taken on board members' feedback that each session should be particularly focussed on a specific practice area or areas, depending on where the session is to be held.
The following events have been confirmed - please see the Events page for further details.
London (Staple Inn)
7 May 2013
This event is a repeat of the Pensions event run on 21 January 2013
14 May 2013
Pensions and General Insurance
12 September 2012: Retail Distribution Review- Statements of Professional Standing
For those of our members affected by the Retail Distribution Review, you will be aware that the FSA has introduced new regulatory requirements for retail investment advisers. This includes the requirement to hold an Appropriate Qualification and to hold a Statement of Professional Standing (SPS) issued by a body accredited by the FSA. Fellows and Associates of the Institute and Faculty already hold an Appropriate Qualification and are therefore not required to complete any additional qualifications.
To date, the FSA has approved 8 accredited bodies. The Institute and Faculty has not applied to be an accredited body, however we have been in dialogue with the following bodies and are confident that they will be able to provide a high level of service to our members:
• The Institute of Chartered Accountants in England and Wales
• The Pensions Management Institute
• The Institute of Financial Services
Please see our Retail Distribution Review Factsheet which provides more information about the FSA’s professionalism requirements, accredited bodies and the SPS application process.
29 June 2012: NEW Conflicts of Interest Package Published
The Conflicts of Interest Working Party has now put the final touches to its package of conflicts of interest material.
The full package, which includes Actuarial Profession Standards (APSs) for pensions (APS P1) and life actuaries (APS L1 – which came into force on 1 October 2011), a guide for actuaries on conflicts of interest and a note for pension scheme trustees, can be found here.
An accompanying feedback and final proposals document which charts the development of the package following the consultation last year, can also be found here.
29 June 2012: Conflicts of Interest Information Evenings and feedback
The Working Party would like to take thank members who attended the recent information evenings in London, Edinburgh and York. We will be holding more sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK and Ireland. In the meantime, if you have any feedback about the package or have any case studies you think might form the basis for group discussions in the new professional skills courses, please send your comments and thoughts to firstname.lastname@example.org
25 June 2012: Amendments to Disciplinary Scheme - result of vote
The result of the vote to change the Disciplinary Scheme was also announced at the AGM. A majority vote of members was needed to pass the resolution to effect the changes and this majority was achieved (in fact there was a 93.4% majority). Some members voted against the changes and we would be very keen to hear from them in order for us to best understand their concerns. If you do have any feedback, please contact us at email@example.com or by telephoning our General Counsel, Ben Kemp, on 0207 6321 488.
Additional background information
- AGM 2012 notice
- Motion to amend the Rules
- Tracked-changed version of the Disciplinary Scheme
- Charter, Bye-laws, Rules and Regulations
27 April 2012: Regulatory Strategy
The Profession has today published an important Regulatory Strategy paper. Intended as "A Position Paper and Framework for Implementation", the paper seeks both to define the Profession's regulatory role and to propose some principles which will inform its regulatory policy. It includes 17 specific objectives which it is envisaged will underpin the Profession's regulatory work in the short-medium term. A shorter version policy paper has also been produced for quick reference.
Page updated: 24 January 2013