23 July 2020
Alongside the independent annual report of the Disciplinary Board, the IFoA has this year for the first time published an annual report from the Regulation Board.
The report is one of a range of measures recently adopted by the Regulation Board to improve its governance arrangements and enhance its transparency and accessibility for members and the wider public. Other measures introduced by the Board include: the publication of meeting dates, agendas, minutes and papers, improvements to the Board’s webpage to provide more information about the Board and its members and improved processes for the appraisal of the Board and its lay members.
The annual report summarises the Board’s work between March 2019 and February 2020 and provides details of its work plan for 2020/2021.
Board chair, Neil Buckley, said: “The Board believes it is of paramount importance to be able to demonstrate to members and the public how it fulfils its public interest remit. The annual report and work plan is one aspect of this transparent regulation and we hope it is reassuring in uncertain times for members to see this kind of openness from their professional body.
"The Board anticipates 2020/21 to be a year of significant challenge for actuaries and the profession and will do all it can to help maintain the actuarial profession’s trusted position and ensure members continue to be able to meet their professional requirements.”
The Disciplinary Board Annual Report details the 2019/20 caseload, the setting up of both the Scheme Review Working Party and the Determinations Review Sub Committee and the development of online annual training for panel members.
Stephen Redmond, Lay Chair of the IFoA Disciplinary Board, said: “The Scheme Review has made progress towards modernising the current disciplinary process, but the review has been paused due to the coronavirus crisis. We hope members will be understanding of this.
“And, of course, members who have struggled to manage ill-health and disruption to their lives because of COVID-19 are assured that the IFoA is alert to this as relayed in this message about regulatory requirements
Just 39 individuals – less than 1% of the IFoA membership – had allegations raised against them in the last year. These numbers are low but the importance of the disciplinary process in maintaining trust and preserving the reputation of the profession was recognised in a recent 400club survey.