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Disciplinary Board - Lay member

Disciplinary Board - Lay member

The Disciplinary Appointments Committee seeks expressions of interest for a lay member on the Disciplinary Board with experience of professional regulation and disciplinary proceedings internationally. The IFoA has members in a number of different countries and jurisdictions and is therefore particularly interested in individuals with experience of regulation and professional discipline internationally.

We are seeking to appoint proactive, innovative volunteers with an interest in professional discipline and standards to take on the role of a Lay Member on the IFoA disciplinary oversight body of the Institute and Faculty of Actuaries (IFoA).

To apply, please send a CV and covering letter to HRsupport@actuaries.org.uk before the closing date of 8 March 2021.

 

Background

We represent and regulate over 31,000 members worldwide for the benefit of the outside world and oversee their education at all stages of qualification and development throughout their careers.  By joining the IFoA, members are making a personal commitment to high standards of education, competence and integrity.

The public – clients, users, employers and all those affected by actuarial decisions – must be confident that Members of the IFoA will observe professional ethical codes and regulatory standards which justify that trust. Should things go wrong, we have developed disciplinary procedures in order to enforce our Members' professional obligations.

The IFoA’s disciplinary oversight body is part of the independent regulatory function of the IFoA, and has oversight of the effective operation of the disciplinary and the capacity for membership processes.

The Institute and Faculty of Actuaries’ (IFoA’s) disciplinary body’s function is to oversee the monitoring of the Disciplinary and Capacity for Membership Schemes, as detailed in its terms of reference. The successful candidate will be appointed to act in a lay (non actuary) capacity as a Member of this body.  The role of this disciplinary body includes the responsibility to make regulations and guidelines on procedures under the scheme.

The IFoA’s disciplinary enforcement role is part of the overarching regulatory function of the IFoA.  The body comprises Lay members, and Fellow Actuary members, with a Lay Chair. Members are appointed by the Disciplinary Appointments Committee for a term of three years. That role may be renewed for a further three years only, subject to appraisal and review by the Disciplinary Appointments Committee, on a discretionary basis.

Read more about the Complaints and Disciplinary Process

Read more about the Disciplinary Board.

Task specification

The remit of the IFoA’s disciplinary oversight body is set out in the IFoA’s Disciplinary Scheme: http://www.actuaries.org.uk/research-and-resources/documents/institute-and-faculty-actuaries-disciplinary-scheme-effective-1-aug.The successful candidate will be involved in discussion and decision making including (but not limited to):

  • Overseeing the management and operation of the Scheme
  • Setting and monitoring time frames for investigations and proceedings
  • Organising training of the Investigation Actuaries and Disciplinary Pool
  • Making and varying regulations, procedures, and guidelines for the effective operation of the disciplinary process
  • Reporting to Council on the operation of the Disciplinary Scheme.

Tenure

This is a three year appointment, renewable for a further three years. All appointments and renewals are made by the Disciplinary Appointments Committee (“DAC”).

 

Remuneration

This role is a remunerated position.  Expenses incurred as part of the role are recoverable from the Institute and Faculty of Actuaries in line with the IFoA’s expenses policy.

 

Time Commitment

There are four meetings held each year, typically online or in London/Edinburgh. The time commitment equates to one day per quarter for meetings plus approximately one day per quarter to read papers. There might on occasion be opportunities to join working parties and/or involvement in decisions in between meetings, which would take place online or by email or telephone.

 

Person Specification

The successful candidate will be someone who has:

  • Demonstrable experience of professional regulation and particularly professional discipline and misconduct systems
  • A genuine interest in furthering the application of the Disciplinary Scheme in practice.
  • Excellent verbal communication skills, including proven ability to work effectively with others as part of a committee or board
  • Excellent written communication skills, including proven ability to draft regulations, procedures and/or guidance
  • Must not have a role with the FCA, PRA, the Pensions Regulator or the FRC.
  • Experience of international regulation and discipline
  • Experience of financial services sector.
  • Confidence to use electronic communication and receive electronic copy papers.

Filter or search events

Start date
E.g., 24/02/2021
End date
E.g., 24/02/2021

Events calendar

  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Middle East, North Africa and Pakistan (MENAP) Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    COVID-19 has seen a marked increase in mental health issues. We all have mental health and poor mental health has serious consequences for individuals and our workplaces, with it costing UK businesses £33-42 billion annually.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code?

    • How does effective stewardship create long term value for beneficiaries?
    • What roles do asset owners and asset managers play in active stewardship?
    • A practical approach to stewardship reporting
  • Spaces available

    Income drawdown products offer an investment strategy to generate an income in retirement.  However, for those needing to decumulate their capital to provide a sufficient income in retirement, sequencing risk is high.  This is the risk that poor returns are experienced when capital is highest (in the first part of the decumulation phase) and good returns when capital is lowest (in the last part).   It is very difficult to recover from this risk, if it is realised.  This means that income drawdown products are not very resilient for those needing to decumulate their capital.