Stage 3 is an annual requirement to complete two hours of Professional Skills Training which may be acquired by attending events, by completing an on-line activity or by a combination of both types of activity. The IFoA develops new online content annually to assist members in meeting the requirements. This includes video case studies and other resources which can be accessed under Online Learning Resources.
While the IFoA offers events and on-line programmes at no cost, members are free to source events and on-line courses from other providers, subject to the requirement that they satisfy the objectives specified below.
Find out What counts as Stage 3 activities
Stage 3 must be completed by members in the following categories:
- Category 1: All members who hold a practising certificate issued by the IFoA
- Category 2: Fully regulated Fellows and Associates of the IFoA who do not hold a practising certificate and who have completed Stage 2 of the PST* (and are not retired members for the purposes of Category 7)
- Category 3: Partially regulated Fellows and Associates of the IFoA and who have completed Stage 2 of the PST (and are not retired members for the purposes of Category 7), and
- Category 5: Student members of the IFoA who:
- Completed Stage 2 of the PST*, or
- Joined the IFoA prior to 1 July 2006*.
* and are not retired members for the purposes of Category 7.
In order to qualify as Stage 3 training the activity should enhance the member’s understanding of an actuary’s professional obligations and achieve one or more of the following objectives:
- enhance understanding of principles of ethical behaviour and how to apply these in making professional judgements;
- enhance understanding of what it means to act in the public interest;
- equip actuaries to make reasoned and justifiable decisions in resolving ethical dilemmas;
- assist actuaries to demonstrate ethical behaviour in conducting their professional life; and
- enable actuaries to recognise ethical dilemmas and take appropriate action.
Where the course is not provided by the IFoA, the following conditions must be satisfied:
- must be sourced from a suitable provider, of appropriate repute, such as a training company, a professional body, an employer of actuaries, a regulator, or another IAA member body;
- must allow actuaries to demonstrate a relevant learning outcome; and
- must be capable of being evidenced to the IFoA in writing.
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If you have any questions about Professional Skills Training Stage 3 - Professional Skills for Experienced Members please contact the Professional Regulation Manager.
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The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.