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Scheme Review Working Party

The Disciplinary Board undertook to commence a review of the Disciplinary and Capacity for Membership Schemes (‘the Scheme’). The Scheme Review Working Party was established to recommend changes to the Disciplinary Board.

Membership

The composition of the Scheme Review Working Party is as follows: -

  • Ian Farr, FFA (Chair) (Former Convener of the Disciplinary Tribunal Panels of the IFoA)
  • Theresa Thorpe (lay member, Head of Regulatory Policy and Tribunals, RICS)
  • Alison Marron (lay member, Risk Compliance Manager, Morton Fraser)
  • Stephen Redmond (lay member, Chair of Disciplinary Board)
  • Kevin Doerr, FIA (actuary member, Disciplinary Board)
  • Simon O’Regan, FIA (actuary member, Disciplinary Board)

View the terms of the reference for the Scheme Review Working Party.

Principles

The Scheme Review Working Party agreed five core principles which the IFoA’s disciplinary process should reflect.  The principles are:-

  1. Public interest and independence of disciplinary enforcement - The public interest obligations of the Royal Charter of the IFoA, and the independence of the disciplinary enforcement arrangements for the IFoA are central to its identity and shall continue be upheld in every aspect of disciplinary process and procedure. 
     
  2. Consistency with the principles of better regulation - Generally the Scheme should follow the principles of better regulation which underpin the IFoA’s Refreshed Regulatory Policy.  They are:  transparent; accountable; proportionate; consistent and targeted.
     
  3. Clarity of communication - The Scheme should be drafted in clearer terms which is understandable for our members and all users, bearing in mind the IFoA's international membership. 
     
  4. Scope for flexibility in the governance of process and procedures - The Scheme provides, at Rule 2.41 (h) that the Disciplinary Board can make regulations as it considers necessary for the implementation of the Scheme.  It is recommended that the more detailed procedures about how mechanisms such as the Capacity for Membership process, Disciplinary Tribunal Panels etc. are contained within regulations, rather than the Scheme itself.  This affords the Disciplinary Board the flexibility to change procedures, as may be required.
     
  5. Simplicity, and allowing for streamlined processes where appropriate - Under the current Scheme a disproportionate amount of time can be spent on cases where the process could be more efficient.  Where appropriate, measures should be introduced to speed up cases, or remove them from investigation under the Scheme altogether.

Progress

The following progress has been made by the Scheme Review Working Party:

  • A comparative exercise with other regulators was completed in early 2019.   User and key stakeholder feedback (including from the 400 club) was analysed and it supported retention of the “misconduct” regime.
     
  • The Working Party recommended, which was endorsed by the Disciplinary Board, that the current misconduct regime remained the best fit for the IFoA and its global membership.   
     
  • Following on from the Working Party’s review of all the processes within the current Scheme, 22 high level recommendations were made to the Disciplinary Board which were agreed.
     
  • The Working Party has been developing detailed proposals on these high level recommendations, which are being considered by the Disciplinary Board.

If you have any thoughts on the Scheme Review or how to shape the disciplinary regime for the IFoA, please contact the Project Manager, sarah.borthwick@actuaries.org.uk.

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Events calendar

  • Spaces available

    Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators

  • Spaces available

    Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.

  • Actuarial Innovation in the COVID-19 era

    This event is online. 
    26 April 2021 - 7 May 2021
    Spaces available

    Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning.

  • Spaces available

    This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place. 

    Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.

  • Europe Town Hall

    28 April 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.

  • Spaces available

    Sessional Meeting - Free to viewMis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work

  • Finance & Investment Virtual Conference 2021

    Available to watch globally in May.
    10-12 May 2021
    Spaces available

    This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern

  • Spaces available

    This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.

  • Spaces available

    Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.

     

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.