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Introduction of APS X5: Compensation for Professional Shortcomings

The IFoA has published a new Actuarial Profession Standard (APS) X5 which will come into force on 20 November 2020.

APS X5 requires Members that are Principals in Organisations that provide Actuarial Work to external Clients, to have in place measures relating to compensation of Clients, or alternative arrangements relating to liability, for loss caused by professional shortcomings.

The standard replaces GN30: Compensation for Professional Shortcomings and implements broadly the same requirements. GN30 will be withdrawn when APS X5 comes into force.

The withdrawal of GN30 and introduction of APS X5 was consulted upon earlier this year. The feedback from that consultation is available to download. The Regulation Board is grateful to all those who took the time to respond.

Should you have any questions about the new APS X5 please do not hesitate to contact the Regulation Team.