4 August 2020
Neil Buckley, Chair of the IFoA’s Regulation Board reflects on the Board’s work over the period 1 March 2019 – 29 February 2020. More detail is available in the Board’s recently published Annual Report.
Governance
I took over as Lay Chair of the Regulation Board in July 2019 with the objective of ensuring the Board continued to be well led, with a focus on accountability and assurance, two principles which I believe are fundamental to independent public interest regulation.
One of my key aims has been to improve the Board’s governance arrangements and in particular enhance its transparency both in relation to decision making processes and the substantive decisions taken by the Board.
The Board has taken a number of positive steps over the past year in this regard, including improvements to its webpage to provide more information about the Board and its members, publishing (from February this year) agendas and minutes as well as the papers that support the Board’s decision making, the introduction of regulatory impact assessments for any new policy decisions and the publication of the Board’s first annual report. Other governance changes are on the horizon, including compositional changes to bring parity in terms of the number of actuary and independent (lay) members on the Board.
Other highlights
The Board has overseen a number of developments in the IFoA’s professional standards framework over the past year, including the successful implementation and roll-out of the new Actuaries’ Code, the development of new ethical guidance on data science (published jointly with the Royal Statistical Society) and the introduction of updated guidance on conflicts and interest and speaking up, to name a few.
In the autumn of last year the Actuarial Monitoring Scheme (AMS) was launched with two new reviews under the Thematic Review Programme. The reviews, in the areas of pensions and general insurance, are underway and outputs will be published later this year, enabling the IFoA to share useful learning and good practice with Members and their employers, as well as be used to ensure the IFoA’s framework of standards is as effective and relevant as possible.
Earlier this year, the Board consulted on proposals to introduce a new CPD Scheme to change the IFoA’s approach to continuing professional development. The new Scheme, which will take effect in September, offers a more modern, simpler approach to CPD that better reflects the IFoA membership.
The Board also continued to oversee the work of its sub-boards and sub-committees and received annual reports covering their activities and progress over the year.
Looking forward
Notwithstanding the recent impact of the ongoing Covid-19 crisis and the obvious challenges that presents for the year ahead, there is much for the Board to achieve.
Some particular areas of focus include a substantive review of the Practising Certificates regime (and consultation on proposals for changes), the implementation of a new and improved support service to help Members in relation to compliance with their professional responsibilities, the implementation of further improvements to regulatory governance, including introducing a clear Scheme of Delegation between the Board, its sub-boards and sub-committees and the IFoA Executive and continued engagement with the UK Government review of actuarial regulation.
The Board will of course also continue to maintain and enhance its positive engagement with Members and stakeholders on regulatory matters. This will include monitoring the impacts of the Covid-19 crisis on Members and taking further steps as necessary to ensure Members continue to be able to meet their professional obligations.
If you have any comments on the Regulation Board Annual Report please contact the Regulation Board at regulation@actuaries.org.uk.