15 July 2021
The IFoA's Review Team has launched the Funeral trust thematic review. This will consider the advice given by actuaries to pre-paid funeral plan trusts, looking at their role in valuation and other areas including pricing.
This is the first in a series of reviews looking at actuaries working in less typical fields, for example helping courts or individuals resolve disputes, or to quantify long-term liabilities . Although relatively few actuaries carry out these types of work, the impact on users can be significant and the importance of clear and effective communication is critical. This review will look at current practices adopted by actuaries in the area of funeral trusts.
Senior Review Actuary David Gordon added “As well as providing insight to the quality of current funeral trust advice, and providing individual feedback to actuaries, we hope that the findings will help actuaries and policy makers as the industry moves to the new regime of FCA regulation.”
The review is open to submissions until 10 September. To take part in this exercise, and for more information on planned reviews, please visit https://www.actuaries.org.uk/upholding-standards/actuarial-monitoring-scheme/current-and-planned-reviews or contact the review team directly for more information (reviews@actuaries.org.uk).
The IFoA Thematic Review Programme is part of the Actuarial Monitoring Scheme (AMS), designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers and promote ongoing reinforcement and continuous improvement.