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2016

Institute and Faculty of Actuaries (IFoA) consultation responses 2016.

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 the Prudentil Regulatory Authority - CP32/16 Dealing with a Market Turning Event in the General Insurance Sector - 21/12/16 Prudential Regulation Authority Dealing with a market turning event in the general insurance sector - CP32/16 Philip Doggart
IFoA response to Intergenerational Committee - Building a robust understanding of the problem of fairness between the generations - 16/12/16 Resolution Foundation's Intergenerational Commission First call for evidence on building a robust understanding of the problem of fairness between the generations Rebecca Deegan
IFoA response to the Law Commission - Pension funds and social investment - 15/12/16 The Law Commission Pension funds and social investment  Rebecca Deegan
IFoA response to HM Treasury - Distributable Profits of Long-Term (Life) Insurers - 16/11/16 HM Treasury Distributable profits of long-term (life) insurers Steven Graham
IFoA response to HMT Amending the Definition of Financial Advice Consultation - 15/11/16 HM Treasury Amending the definition of financial advice: consultation Rebecca Deegan
IFoA response to TSC Solvency II Inquiry - 11/11/16 The Treasury Select Committee EU Insurance Regulation inquiry Steven Graham
IFoA response to DWP Valuing Pensions for the Advice Requirement and Introducing New Customer Protections - 07/11/16 Department for Works and Pension Valuing pensions for the advice requirement and introducing new consumer protections Rebecca Deegan
IFoA response to PPF s143 and s179 Assumptions - 31/10/16 Pension Protection Fund PPF consults on changes to S143 and S179 assumptions Philip Doggart
IFoA response to House of Lords Science and Technology Committee on Call to Evidence for Autonomous Vehicles - 26/10/16 Lords Science and Technology Committee Driverless vehicles - where are we going? Matthew Levine
IFoA response to HMT - Pensions Advice Allowance - 25/10/16 HM Treasury Introducing a Pensions Advice Allowance Rebecca Deegan
IFoA Response to IAIS on Risk-Based Global Insurance Capital Standards - 19/10/16 International Association of Insurance Supervisors (IAIS)

Consultation on Risk-based Global Insurance Capital Standard (ICS)

Steven Graham
IFoA response to EIOPA Insurance Distribution Directive - 04/10/16 European Insurance and Occupational Pensions Authority Insurance Distribution Directive Steven Graham
IFoA response to NEST: evolving for the future consultation – 28/09/2016

National Employment Savings Trust

NEST: evolving for the future Rebecca Deegan
IFoA response to PPF and tPR inquiry – 23/09/2016

Work and Pensions Select Committee

Pension Protection Fund and Pensions Regulator inquiry Philip Doggart
IFoA reponse to Lords Select Committee on The Long-term Sustainability of the NHS - 21/09/16 The House of Lords Call for evidence on Long-term Sustainability of the NHS Rebecca Deegan
IFoA response to CP16/18 - changes to disclosure rules in the FCA Handbook to reflect the direct application of PRIIPs Regulation – 19/09/2016 Financial Conduct Authority CP16/18: Changes to disclosure rules in the FCA Handbook to reflect the direct application of PRIIPs Regulation Steven Graham
IFoA response on advanced driver assistance systems and automated vehicle technologies – 09/09/2016 Department for Transport Advanced driver assistance systems and automated vehicle technologies: supporting their use in the UK Matthew Levine
IFoA response to retirement outcomes review terms of reference – 31/08/2016 Financial Conduct Authority Retirement outcomes review: terms of reference Rebecca Deegan
IFoA response to reforms to corporation tax loss relief – 18/08/2016

HM Revenue and Customs

Reforms to corporation tax loss relief: consultation on delivery Steven Graham
08-16 IFoA response to DWP on Capping early exit charges members of occupational pension schemes consultation Department for Work and Pensions Capping early exit charges for members of occupational pension schemes Philip Doggart
IFoA response to CP16/15 - Capping early exit pension charges – 18/08/2016 Financial Conduct Authority CP16/15 - Capping early exit pension charges Philip Doggart
IFoA response to CP19/16 - Solvency II: Changes to internal models used by UK insurance firms 05/08/16 Prudential Regulation Authority National Infrastructure Assessment consultation Steven Graham
IFoA response to the National Infrastructure Assessment consultation 05/08/16 National Infrastructure Commission

National Infrastructure Assessment consultation

Matthew Levine
IFoA response to DB Taskforce consultation 18/07/16 Pensions and Lifetime Savings Association DB Taskforce consultation - call for evidence Philip Doggart
IFoA response on methodology to derive ultimate forward rate (UFR) under Solvency II 18/07/2016 European Insurance and Occupational Pensions Authority EIOPA-CP-16-003 Consultation Paper on the methodology to derive the UFR and its implementation Steven Graham
IFoA response to DB Taskforce call for evidence 18/07/2016 Pensions and Lifetime Saving Association DB Taskforce call for evidence Philip Doggart
IFoA response to CP16/16 - Solvency II: matching adjustment 15/07/2016 Prudential Regulation Authority

Solvency II: matching adjustment - CP16/16

Steven Graham
IFoA response to CP16/12: Secondary annuity market – proposed rules and guidance 24/06/2016 Financial Conduct Authority

CP16/12: Secondary annuity market – proposed rules and guidance

Steven Graham
IFoA response to British Steel Pension Scheme consultation 24/06/2016 Department of Work and Pensions

British Steel Pension Scheme: public consultation

Philip Doggart
IFoA response to Making Retirement Choices Clear consultation 19/06/2016 Association of British Insurers

Making Retirement Choices Clear

Rebecca Deegan
IFoA response to CP18/16 - Reporting requirements for non-Solvency II insurance firms 13/06/2016 Prudential Regulation Authority

Reporting requirements for non-Solvency II insurance firms – CP18/16

Steven Graham
IFoA response to Public financial guidance review 08/06/2016 HM Treasury

Public financial guidance review: proposal for consultation

Philip Doggart
IFoA response to DP1/16 Equity Release Mortgages Prudential Regulation Authority DP1/16 - Equity release mortgages Steven Graham
IFoA response to TR16/2 Fair Treatment of Long Standing Customers in the Life Insurance Sector 03.06.2016 Financial Conduct Authority TR16/2: Fair treatment of long-standing customers in the life insurance sector Steven Graham
IFoA response to Consultative Document on a Standardised Measurement Approach for Operational Risk Basel Committee on Banking Supervision Standardised Measurement Approach for operational risk - consultative document Matthew Levine
IFoA response to CP13/16 SII Remuneration Requirements 02.06.2016 Prudential Regulation Authority CP13/16 SII Remuneration requirements Philip Doggart
IFoA response on Compensation for Loss of Pension Rights in Employment Tribunals 20.05.2016 Courts and Tribunals Judiciary Compensation for Loss of Pension Rights in Employment Tribunals Philip Doggart
IFoA response to CP15/16 Recalculation of the ‘transitional measure on technical provisions’ under Solvency II  13.05.2016 Prudential Regulation Authority CP15/16 - Recalculation of the ‘transitional measure on technical provisions’ under Solvency II Steven Graham
IFoA response to DC Guides consultation 11.05.2016 The Pensions Regulator DC guides consultation Philip Doggart
IFoA response to HM Treasury - Insurance Linked Securities - 29.04.2016 HM Treasury Insurance Linked Securities Philip Doggart
IFoA response to FSB Task Force on climate disclosure consultation - 29.04.2016 Financial Stability Board Task Force on Climate-Related Financial Disclosures consultation Morgan Slebos
IFoA response to CP-16-001 Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products – 26.04.2016

European Insurance and Occupational Pension Authority

EIOPA-CP-16-001 Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products (PPP) Philip Doggart
IFoA response on Automatic Enrolment and the Lifetime ISA enquiry – 18.04.2016

Work and Pensions Select Committee

Pensions automatic enrolment inquiry

Rebecca Deegan
IFoA response on Reporting UK Progress on Sustainable Development Goals – 15.04.2016 UK Stakeholders for Sustainable Development and the Office for National Statistics

Reporting UK progress on Sustainable Development Goals

Morgan Slebos
IFoA response to DP16/1: Ageing population and financial services – 13.04.2016 Financial Conduct Authority DP16/1: Ageing population and financial services Rebeeca  Deegan
IFoA response on ISAP 5 – 31.03.2016 IAA

International Standards of Actuarial Practice (ISAPs) ISAPs 5 and 6 — Enterprise Risk Management

Philip Doggart
IFoA response on ISAP 1a – 31.03.2016 IAA

International Standards of Actuarial Practice (ISAPs) - ISAP 1A

Philip Doggart
IFoA response to Public Consultation on Long-Term and Sustainable Investment – 25.03.2016 European Commission

Public consultation on long-term and sustainable investment

Morgan Slebos
IFoA response to Rule Changes Consultation – 24.03.2016 NEST Rule change consultation Philip Doggart
IFoA response to CP15/41: Increasing transparency and engagement at renewal in general insurance markets – 04.03.2016 Financial Conduct Authority

Increasing transparency and engagement at renewal in general insurance markets

Philip Doggart
IFoA response to the demogrphy of Scotland and the implications for devolution – 26.02.2016 Scottish Affairs Committee

Demography of Scotland and the implications for devolution

Matthew Levine
IFoA response to Intergenerational Fairness inquiry – 19.02.2016 Work and Pensions Select Committee

Intergenerational fairness inquiry

Rebecca Deegan
IFoA response to PRA CP43/15 SII: external audit of the public disclosure requirement – 19.02.2016 Prudential Regulation Authority

Solvency II: external audit of the public disclosure requirement – CP43/15

Steven Graham
IFoA response to tPR’s Draft Prosecution Policy – 17.02.2016 The Pensions Regulator Draft Prosecution Policy  
IFoA response to tPR’s Innovation Plan – 12.02.2016 The Pensions Regulator

Innovation plan consultation

Rebecca Deegan
IFoA response to AAE on ESAP3 ORSA – 11.02.2016 Actuarial Association of Europe Draft Prosecution Policy Matthew Levine
IFoA response to changes to ONS products 2015 – 08.02.2016 Office for National Statistics

Consultation on Changes to ONS Products 2015

Rebecca Deegan
IFoA response to IASB on proposed amendments to IFRS – 08.02.2016 International Accounting Standards Board

Insurance Contracts: Exposure Draft & Comment letters (ED/2015/11)

Matthew Levine
IFoA response to the Work and Pensions Select Committee - 'Pensions Automatic Enrolment' - 03.02.2016 Department for Work and Pensions

Pensions automatic enrolment inquiry

Rebecca Deegan

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

  • Spaces available

    This new topical webinar presented by Chair of the Life Board of the Institute and Faculty of Actuaries, Colin Dutkiewicz, will explore:

    What is an extreme mortality event?

    How does the current Covid-19 outbreak compare with other extreme mortality events?

    What is the impact of this outbreak for insurers – and the wider economy?

    What can we expect to happen next?

  • Spaces available

    Due to the COVID-19, we will be running this programme via a series of webinars commencing 22 April.  

    CIGI is a well-established seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

  • Spaces available

    InsurTech headlines are often big statements, which seem impossible to many working in the sector day-to-day. How can actuaries implement new systems, keep the value from legacy systems, deliver BAU and not require the resources of three teams?

  • Spaces available

    Pressure on organisations to address climate change risks is intensifying. But what does this really mean for insurers? In this session Adhiraj Maitra and Gareth Sutcliffe will look at the why, the what and the how of this risk through a number of different lenses including regulatory, principle and resilience.

  • Spaces available

    There have been a number of events across the financial markets where particular services have fallen below customer expectations.  These have included inability to receive or make payments or or the inability to check your own status or access services.  In an increasingly interconnected world the causes of this are often complex and hard to spot in advance, but can be a major impact to the reputations of firms.

  • CIGI Webinar - Are you Vulnerable ?

    Webinar
    27 April 2020

    Spaces available

    With ever increasing focus from the FCA on pricing practices and the relationship between insurers and their customers, it is critical to ensure appropriate controls are in place. This presentation summarises the latest developments in the market and showcases practical approaches to mitigate the risk of poor customer outcomes in pricing, with a particular focus on protecting vulnerable customers.’

  • Spaces available

    This webinar provides an update on renewal pricing outcomes for Property and Casualty markets at the latest 1/1 reinsurance renewals with the focus being on capacity availability and price drivers.  These issues include, but are not limited to, the cat bond market, wider trends in claims outcomes, trends in Casualty RI space that affect pricing such as social inflation, yield curve, and the reserving cycle.

  • Spaces available

    The Ogden Discount Rate shock of 2017 brought about a period of profound uncertainty to General Insurance market.  GI Actuaries' first task was to estimate the impact of the Ogden shocks, particularly to reserving and reinsurance pricing.  Their second was to navigate a period of framework uncertainty, maintaining an agility in actuarial modelling as the Civil Liability Bill took shape. 

  • Spaces available

    Model validation should not be a tick box exercise. It has all the right ingredients to be a value adding exercise that can help senior management understand what really drives the business from a risk and capital perspective. Model validation can be a stressful, bloated process - and may not be as value adding as it could be. 

  • Spaces available

    The FCA’s interim report into general insurance pricing practices has brought into focus a number of market wide issues including:

    Price walking • Poor governance • Higher prices for potentially vulnerable customers • Higher prices for less aware customers

  • CANCELLED The Global Actuarial Profession

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 April 2020

    Spaces available

    We are sorry that this event has been cancelled.

    The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.

  • Spaces available

    The IFRS 17 Working Party have been producing a number of deep dive papers, these include topics such as risk adjustment, impact of disclosures on how uncertainty is perceived, deferring acquisition costs over renewals, PAA eligibility and more. 

  • SIAS Event: Cyber Insurance

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    4 May 2020

    Spaces available

    Due to the COVID-19, this event will be postponed. The new date TBC.

    The talk will cover:
    • Why cyber security is regarded as the top threat to businesses (Allianz Risk Barometer 2019)
    • What is causing the shift in threat landscape
    • Who is attacking, why, and how we can stop them
    • Customer impressions of cyber security and how you can help them
    • Threats to evaluating insurable losses and responding to claims
    • How cyber insurance policies have evolved, and need to continue to do so

  • Finance and Investment Conference 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    05-05 May 2020
    Spaces available

    Due to COVID-19, we are running this programme via a series of webinars commencing 5 May.

    The environmental, social and governance (ESG) space is growing rapidly and increasingly moving centre stage. In many cases, it is now an essential part of policy and central to the way stakeholders make decisions for the long term to ensure retention of clients, manage risk better, and ensure more economically efficient and sustainable investment returns.

    ESG factors cover a wide range of areas reflecting how vital consideration of these factors are part of wider systemic risks.

    The IFoA’s policy regarding Coronavirus is designed to safeguard the well being of those who attend IFoA events. Find out more. 

  • Professional Skills Training - Edinburgh (19 May 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    19 May 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.

  • Professional Skills Training - London (19 May 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    19 May 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.

  • CILA 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    20 May 2020

    Spaces available

    Due to COVID-19 this event has been postponed until later in the year. A new date will be announced soon.

    Thank you for your patience and understanding.

  • Protection, Health and Care Conference 2020

    The Grand Brighton, 97-99 Kings Rd, Brighton BN1 2FW
    02-03 June 2020
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations.

  • Mortality and Longevity 2020

    1 Birdcage Walk, Westminster, London SW1H 9JJ
    08-08 June 2020
    Spaces available

    This highly regarded seminar will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity.  The program is designed for life, pensions and health and care actuaries, academics, researchers, underwriters and related practitioners eager to learn about the latest developments in mortality and longevity.  The sessions are designed to be very accessible to a broad range of exp

  • Professional Skills Training - London (10 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ       
    10 June 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.

  • Professional Skills Training - Edinburgh (17 June 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    17 June 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.

  • Professional Skills Training - London (18 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ   
    18 June 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.

  • Pensions Conference 2020

    Renaissance Manchester City Centre Hotel, Blackfriars Street, Manchester,M3 2EQ
    18-19 June 2020
    Spaces available

    Join us as this year’s conference that will focus on topics including  funding and savings, pension law current issues, ESG, the end game and transferring risk, investment issues, data visualisation and data science.

  • 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

    This event has been postponed. A new date will be announced.

    The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.

    To this end the IFoA and their strategic partner, the AIR, have taken the decision to postpone this year's Asia Conference. A new date will be announced pending further reviews over the following months.