14 October 2021
We have published the annual report from the Regulation Board for 2020/2021.
This is only the second year that the Board has published an annual report after it introduced a range of measures to enhance the Board’s transparency and accessibility for members and the public.
The Regulatory Board was established on 1 June 2021 and now oversees the IFoA’s delivery of its public interest regulatory functions, including disciplinary and enforcement matters, and the public interest regulatory aspects of its qualifications and admissions frameworks. The annual report summarises the Board’s work between March 2020 – May 2021 as well as taking a look ahead to working with the newly established IFoA Regulatory Board, providing details of its work plan for 2021/2022.
Lay Chair of the Board, Neil Buckley, said:
“We have continued to look for ways to demonstrate to members and the public how the Regulatory Board fulfills its public interest remit and enhanced our positive engagement with members and stakeholders on regulatory matters.
Some particular areas of focus include the implementation of the new CPD Scheme, a substantive review of the Practising Certificates regime (and consultation on proposals for changes), the implementation of further improvements to regulatory governance, including a clear Scheme of Delegation between the Board, its Committees and the IFoA Executive, and continued engagement with the UK government review of actuarial regulation.
I have been especially delighted at the regulatory governance changes at the IFoA that will allow the Regulatory Board to oversee all public interest matters and improve regulatory decision-making. I look forward to working with the Regulatory Board in relation to its new remit.”