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2015

Institute and Faculty of Actuaries (IFoA) consultation responses 2015.

The IFoA's focus is on responding to those consultations where actuarial expertise can inform debate, especially when the proposals will also directly impact on actuaries’ working lives and/or there are strong public interest issues involved.

As part of its commitment both to transparency and promoting the actuarial viewpoint on key issues, the IFoA places its responses to public consultations in the public domain.

IFoA Consultation Response  Organisation  Consultation IFoA contact
IFoA response to IASB on proposed amendments to IAS 19 and IFRIC 14 - 06/11/2015 International Accounting Standards Board Proposed amendments to IAS 19 and IFRIC 14 Philip Doggart
IFoA response to the Retirement Outcomes Review – 30.10.2015 Financial Conduct Authority Pension reforms – proposed changes to our rules and guidance Rebecca Deegan
IFoA response to HMT consultation on pension transfers and exit charges consultation – 12.10.2015 HM Treasuary Pension transfers and early exit charges: consultation Philip Doggart
IFoA response to CP27/15 The Prudential Regime for non-Solvency II insurance firms and consequential amendments – 12.10.2015 Prudential Regulation Authority

CP27/15 The prudential regime for non-Solvency II insurance firms and consequential amendments

Steven Graham
IFoA response to CP24/15: Implementing a UK Leverage Ratio Framework – 12.10.2015

Prudential Regulation Authority

CP24/15: Implementing a UK Leverage Ratio Framework Steven Graham
IFoA response to Strengthening the incentive to save – 30.09.2015 HM Treasuary Strengthening the incentive to save: a consultation on pensions tax relief Philip Doggart
IFoA response to General Insurance Market Add-ons Market Study – 24.09.2015 Financial Conduct Authority General Insurance Market Add-ons Market Study – Remedies: value Measures Philip Doggart
IFoA response to CP 18/15 - Corporate Governance - Board responsibilities – 11.09.2015 Prudential Regulation Authority CP18/15 – Corporate governance – Board responsibilities Steven Graham
IFoA response to 2nd Exposure Draft of European Standard of Actuarial Practice 2 (ESAP 2) – 04.09.2015

Actuarial Association of Europe

2nd Exposure Draft of European Standard of Actuarial Practice 2 (ESAP 2) – Actuarial Function Report under Directive 2009/138/EC Philip Doggart
IFoA response to Higher Loss Absorbency (HLA) requirements for G-SIIs – 21.08.15 International Association of Insurance Supervisors Higher Loss Absorbency (HLA) requirements for G-SIIs Steven Graham
IFoA response to The Energy and Climate Change Committee Priorities – 13.08.2015 Energy and Climate Change
Committee
The Energy and Climate Change Committee Priorities for Holding Government to Account Morgan Sleebos
IFoA response to Draft Statement of Intent to issuse an International Standard of Actuarial Practive on Governance of Models – 28.07.2015 International Actuarial Association Draft Statement of Intent to issue an International Standard of Actuarial Practice on Governance of Models (ISAP [1A]) Philip Doggart
IFoA response to CP 15-13 General Insurance Add-Ons Market Study – 25.05.2015 Financial Conduct Authority CP 15-13 General Insurance Add-Ons Market Study Philip Doggart
IFoA response to Creating a Secondary Annuity Market – 18.06.2015 Her Majesty's Treasury and the Department for Work and Pensions Creating a Secondary Annuity Market Steven Graham
IFoA response to CP8-15 Engagement between external auditors and supervisors and commencing the PRAs disciplinary powers – 27.05.2015 Prudential Regulation Authority CP8-15 Engagement between external auditors and supervisors and commencing the PRAs disciplinary powers over external auditors and actuaries Philip Doggart
IFoA response to S 75 Employer in debt in non-associated multiemployer defined benefit pension schemes – 22.05.2015 Department for Work and Pensions S 75 Employer debt in non-associated multiemployer defined benefit pension schemes Philip Doggart
IFoA response to CP6-15 Whistleblowing in deposit-takers – 20.05.2015 Prudential Regulation Authority CP6-15 Whistleblowing in deposit-takers, PRA-designated investment firms and insurers Steven Graham
IFoA response to CP15-4 Whistleblowing in deposit-takers – 20.05.15 Financial Conduct Authority CP15-4 Whistleblowing in deposit-takers, PRA-designated investment firms and insurers Steven Graham
IFoA response to CP12/15: Senior Insurance Managers Regime – 15.05.2015 Prudential Regulation Authority CP12/15: Senior Insurance Managers Regime: a streamlined approach for non-Solvency II firms Steven Graham
IFoA response to CP15/15: Changes to the approved persons regime for insurers not subject to Solvency II – 15.05.2015 Financial Conduct Authority CP15/15: Changes to the Approved Persons Regime for insurers not subject to Solvency II Steven Graham
IFoA response to CP13/15: Changes to the approved persons regime for SII firms – 13.05.2015 Prudential Regulation Authority CP13/15: Changes to the Approved Persons Regime for SII Firms Steven Graham
IFoA response to CP15/16 Changes to the Approved Persons Regime for SII Firms – 27.04.15 Financial Conduct Authority CP15/16: Changes to the Approved Persons Regime for SII Firms; Governance Proposals and Feedback to CP14/25 Steven Graham
IFoA response to CP7/15 approach to non-executive directors in banking and Solvency II firms – 27.04.2015 Prudential Regulation Authority CP7/15: Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms Steven Graham
IFoA response to CP15/5 approach to non-executive directors in banking and Solvency II firms – 27.04.2015 Financial Conduct Authority CP15/5: Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms Steven Graham
IFoA Response to Changes to the Investment Regulations Department for Work and Pensions Changes to the Investment Regulations Morgan Sleebos

IFoA response to CP 11/15 SII: supervisory appeal – 21.04.15

Prudential Regulation Authority CP 11/15 SII: supervisory approval for the volatility adjustment Steven Graham
IFoA response to CP 15/7 Proposed changs to pensions transfer rules – 15.04.2015 Financial Conduct Authority CP 15/7 Proposed changes to pensions transfer rules Philip Doggart
IFoA response to CP 15-001 Pensions Transferability – 13.04.2015 European Insurance and Occupational Pensions Authority CP 15-001 Pensions Transferability Philip Doggart
IFoA response to The Care Act 2014: Draft regulations – 30.03.2015 Department of Health The Care Act 2014: Draft regulations and guidance to implement the cap on care costs and policy proposals for a new appeals system for care and support Steven Graham
IFoA response to CP 5/15 Solvency II – 24.03.2015 Prudential Regulation Authority CP 5/15 Solvency II: applying EIOPA's Set 1 Guidelines to PRA authorised firms  Steven Graham
IFoA response to DB to DC transfers and conversions – 17.03.15 The Pensions Regulator DB to DC transfers and conversions Philip Doggart
IFoA response to CP 14/29 Guaranteed Asset Protection Insurance – 13.03.2015 Financial Conduct Authority CP 14/29 Guaranteed Asset Protection insurance: a competition remedy Philip Doggart
IFoA response to New Framework for Actuarial Technical Standards – 08.03.2015 Financial Reporting Council New Framework for Actuarial Technical Standards Philip Doggart
IFoA response to Risk Consultation – 02.03.2015 Financial Reporting Council Risk Consultation Philip Doggart
IFoA response to CP 14-049 GL Long Term Guarantees – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-049 GL Long Term Guarantees  Steven Graham
IFoA response to CP 14-045 GL Financial Stabilty – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-045 GL Financial Stability  Steven Graham
IFoA response to CP 14-046 GL Extension Recovery Period – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-046 GL Extension Recovery Period Steven Graham
IFoA response to CP 14-053 Paper on Implementing Technical Standards – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-053 Consultation Paper on Implementing Technical Standards on capital add-ons Steven Graham
IFoA response to CP 14-055 ITS Public Disclosure Procedure – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-055 ITS Public Disclosure Procedure Template Steven Graham
IFoA response to CP 14/-047 Reporting Public Disclosure – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-047 GL Reporting Public Disclosure  Steven Graham
IFoA response to Solvency II transitional measures – 20.02.15 Prudential Regulation Authority Solvency II transitional measures and the treatment of participations Steven Graham
IFoA response to Independent Review of Retirement Income – 20.02.15 Pensions Institute Independent Review of Retirement Income  Philip Doggart
IFoA response to Key Information Documents for Packaged Retail – 17.02.15 Joint Committee of the European Supervisory Authorities Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) Matthew Levine

IFoA response to the IAIS consultation: Risk-based Global Insurance – 16.02.2015

International Association of Insurance Supervisors Consultation on Risk-based Global Insurance Capital Standards Steven Graham
IFoA response to CP26/14 Senior insurance managers regime – 02.02.15 Prudential Regulation Authority CP26/14 Senior insurance managers regime: a new regulatory approach framework for individuals Steven Graham
IFoA response to CP14/25 Changes to approved persons regime – 02.02.15 Financial Conduct Authority CP14/25 Changes to approved persons regime for Solvency II firms Steven Graham
IFoA response to 'The future of retirement' – 30.01.16 National Employment Savings Trust The future of retirement: A consultation on investing for NEST's members in a new regulatory landscape Philip Doggart
IFoA response to MS 14/3.2 Retirement income market survey – 30.01.15 Financial Conduct Authority MS 14/3.2 Retirement income market study: Interim Report Philip Doggart
IFoA response to CP 24/14 Solvency II further measures – 30.01.2015 Prudential Regulation Authority CP 24/14 Solvency II: further measures for implementation Steven Graham
IFoA Response to CP 25/14 - The PRA Rulebook – 23.01.2015 Prudential Regulation Authority CP 25/14 - The PRA Rulebook Philip Doggart
IFoA response to CP22/14 - Approach to with-profits insurance business – 16.01.2015 Prudential Regulation Authority CP22/14 - Approach to with-profits insurance business  Philip Doggart
IFoA response to European Insurance and Occupational Pensions Authority – 16.01.2015 European Insurance and Occupational Pensions Authority Further Work on Solvency of IORPs Philip Doggart
IFoA response to CP23/14 Solvency II approvals – 09.01.2015 Prudential Regulation Authority CP23/14 Solvency II approvals Steven Graham
IFoA response to Technical changes to auto enrolment – 09.01.15 Department for Work and Pensions Technical changes to Auto Enrolment Philip Doggart
IFoA response to CP21/14 Policyholder Protection – 06.01.15 Prudential Regulation Authority CP21/14 Policyholder Protection Philip Doggart

IFoA response to BIS Operational risk revisions to the simpler approaches – 06.01.15

Bank for International Settlements

BIS Operational risk revision to the simpler approaches Steven Graham

Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

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Events calendar

  • ARC Sessional Research Event: Drivers of Mortality - Risk Factors and Inequality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    6 January 2020

    Spaces available

    The authors will focus on a large dataset obtained from the UK’s Office for National Statistics (ONS) and related sources. Data are available at the level of Lower Super Output Areas (LSOAs) – small geographical areas with, typically, 1000-2000 residents and include death counts, exposures and a significant number of socio-economic variables including the index of multiple deprivation (IMD).

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Spaces available

    This IFoA event for NEDs explores what skills and experience are required to undertake non-executive roles, e.g. as independent NEDs on fund boards or members of IGCs. The event will be chaired by Brandon Horwitz, an actuary who is a consultant and who has held various investment governance roles and who specialises in investment governance as well as being an iNED.

  • Spaces available

    This presentation covers the detail for how the matching adjustment is calculated. A small simple example spreadsheet is provided and discussed in detail.

    For actuaries wanting to get more involved with the matching adjustment, this is the opportunity to get a detailed description of the mechanics involved. This includes cashflows derisking, PRA tests as well as hypothecation.

    The presentation is provided by James Sharpe who has worked on a number of matching adjustment calculations with several firms.

  • IFoA Volunteer Recognition Reception

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    15 January 2020

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Sessional Meeting - Operational Risk Dependencies

    Royal College of Physicians of Edinburgh 9 Queen St Edinburgh EH2 1JQ
    20 January 2020

    Spaces available

    The Operational Risk Working Party aims to assist actuaries and others in the modelling and management of operational risk. One of the key challenges in modelling operational risk is the modelling of dependencies between operational risks, and between operational and non-operational risks such as market, credit and insurance risk.

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Stirling: Public Sector Pensions

    M&G Prudential, Stirling Craigforth Campus, Stirling
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Edinburgh: Public Sector Pensions

    Hymans Robertson 1, Exchange Place, Semple St, Edinburgh
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • The Great Risk Transfer – Breakfast briefing and launch event

    Staple Inn Hall, High Holborn London WC1V 7QJ
    31 January 2020

    Spaces available

    Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • What does this mean for Actuaries serving as NEDs and Trustees? These areas are likely to provide ne

    Staple Inn, 4 High Holborn, Holborn, London. WC1V 6DR, UK
    19 March 2020

    Spaces available

    Recent years have seen ESG, Climate Change, and Responsible Investing thrust onto the corporate agenda in every boardroom. The same also be said for pension funds. Expectations of how companies should respond are high and NEDs on Boards are expected to adapt and adjust their guidance to companies accordingly. What does this mean for Actuaries serving as NEDs and Trustees?

  • Spring Lecture 2020, Edinburgh - Vicky Pryce

    Assembly Rooms, 54 George St, Edinburgh EH2 2LR
    25 March 2020

    Spaces available

    What next in Economic Policy?

    Please join us on 25 March 2020 for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. 

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    Not to be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.