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2018

Institute and Faculty of Actuaries (IFoA) consultation responses 2017.

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 Date Organisation Consultation IFoA contact
IFoA response to the Treasury Committee inquiry into consumers' access to financial services. 14.12.18 Treasury Committee Treasury Committee inquiry into consumers' access to financial services.

Catherine Burtle

IFoA response to joint consultation paper concerning amendments to the PRIIPs KID 06.12.18 EIOPA EIOPA joint consultation concerning amendments to the PRIPPs KID Steven Graham
IFoA response to States of Jersey Corporate Services Scrutiny Panel 16.11.18  States of Jersey

Draft Damages (Jersey) Law, Scrutiny review - Corporate Services Panel

Steven Graham
IFoA response to PRA Consultation Paper CP 15/18 on Solvency II: Group own fund availability 12.11.18 Prudential Regulation Authority

CP 15/18 on Solvency II: Group own fund availability

Steven Graham

IFoA response to Law Commission - Leasehold home ownership

06.11.18

Law Commission

Leasehold home ownership: buying your freehold or extending your lease Matthew Levine

IFoA response to FCA Discussion paper DP18-5 on a Duty of care and potential alternative approaches

02.11.18 Financial Conduct Authority

DP18/5: a duty of care and potential alternative approaches

Matthew Levine

IFoA response to 2019/20 PPF Levy Consultation

25.10.18 Pension Protection Fund The 2019/20 Pension Protection Levy Henry Thompson
IFoA response to House of Lords Economic Affairs Select Committee inquiry on social care funding in England 08.10.18 House of Lords Economic Affairs Select Committee Social care funding in England Henry Thompson
IFoA response to pre-paid funeral plans: call
for evidence
01.08.18  HM Treasury

Pre-paid funeral plans: call for evidence

Matthew Levine
IFoA response to PRA CP 13-18 Solvency II – Equity Release Mortgages 28.09.18 Prudential Regulation Authority CP 13-18 Solvency II – Equity Release Mortgages Steven Graham
IFoA response to PPF consultation on assumptions to be used for valuations under section 143 and section 179 of the Pensions Act 2004 21.09.18 Pension Protection Fund

PPF consults on changes to S143 and S179 assumptions

Henry Thompson
IFoA response to Lords Intergenerational Fairness and Provision call for evidence 10.09.18 Select Committee on Intergenerational Fairness and Provision

Have your say on intergenerational fairness

Catherine Burtle
IFoA response to Scottish Parliament Damages (Investment Returns and periodical Payments) (Scotland) Bill 07.09.18 Scottish Parliament

Damages (Investment Returns and Periodical Payments) (Scotland) Bill

Steven Graham
IFoA response to FCA Retirement Outcomes Review 06.09.18 Financial Conduct Authority CP18/17: Retirement Outcomes Review: Proposed changes to our rules and guidance Henry Thompson
IFoA response to DMCS Centre for Data, Ethics, and Innovation consultation 05.09.18 Department for Digital, Culture, Media & Sport

Consultation on the Centre for Data Ethics and Innovation

Steven Graham
IFoA response to EAC SDGs in the UK follow-up inquiry 04.09.18 Environmental Audit Committee The Sustainable Development Goals in the UK follow-up inquiry Faye Alessandrello
IFoA response to CMA Initial decision on investment consultancy 24.08.18 Competition and Markets Authority Investment Consultants Market Investigation Matthew Levine
IFoA response to DWP Protecting Defined Benefit Pension Schemes - A Stronger Pensions Regulator 21.08.18 Department for Work and Pensions

Protecting defined benefit pension schemes – a stronger Pensions Regulator

Henry Thompson
IFoA response to FCA CP 18_17 Retirement Outcomes Review_Proposed changes to our rules and guidance-questions 1-33 and 47-49 09.08.18 Financial Conduct Authority

CP18/17: Retirement Outcomes Review: Proposed changes to our rules and guidance

Chris Hannant
IFoA response to Independent Review of the Financial Reporting Council: call for evidence 06.08.18 Department for Business, Energy & Industrial Strategy

Financial Reporting Council independent review: call for evidence

Emma Gilpin
IFoA response to LSE_Lancet Commission The Future of the NHS 30.07.18 London School of Economic and The Lancet LSE-Lancet Commission: The Future of the NHS Catherine Burtle
IFoA response to House of Lords Economic Affairs Select Committee Call for evidence into use of the retail price index 25.07.18 House of Lords Economic Affairs Select Committee

Call for evidence launched into use of the retail price index

Henry Thompson
IFoA response to IAA Proposed Revisions to the International Standard of Actuarial Practice 1 on General Actuarial Practice (ISAP 1) 23.07.18 International Actuarial Association ISAP 1 Final Review Consultation  Leisha Watson
IFoA response to Pensions Advisory Group Valuation and Expert Issues Draft Guidance 18.07.18 Pensions Advisory Group Pensions on Divorce Interdisciplinary Working Group Henry Thompson

IFoA response to DWP Pension trustees: clarifying and strengthening investment duties

16.07.18 Department of Work and Pensions Pension trustees: clarifying and strengthening investment duties’ Matthew Levine
IFoA response to PRA CP10_18 updates to internal model output reporting 13.07.18 Prudential Regulation Authority

CP 10/18 Solvency II: Updates to internal model output reporting

Steven Graham
IFoA response to PRA CP8_18 External audit of the public disclosure requirement 11.07.18 Prudential Regulation Authority

Solvency II: external audit of the public disclosure requirement

Steven Graham
IFoA response to PRA CP 9/18: Solvency II_ Modelling of the Volatility Adjustment 11.07.18 Prudential Regulation Authority

Solvency II: Internal models – modelling of the volatility adjustment

Steven Graham
IFoA response to IAA Exposure Draft of ISAP 4 on IFRS 17 Insurance Contracts 29.06.18 International Actuarial Association Exposure Draft of ISAP 4 on IFRS 17 Insurance Contracts Steven Graham
IFoA response to Health and Social Care Committee Antimicrobial resistance inquiry 29.06.18

Health and Social Care Committee

Antimicrobial resistance inquiry

Catherine Burtle
IFoA response to Stuart McMillan’s Proposed Recovery of Medical Costs for Industrial Disease (Scotland) Bill 22.06.18

Stuart McMillan, MSP

Proposed Recovery of Medical Costs for Industrial Disease (Scotland) Bill Catherine Burtle
IFoA response to tPR and FCA Regulating the pensions and retirement income sector: our strategic approach 19.06.18 The Pensions Regulator and Financial Conduct Authority Call for Input: Regulating the pensions and retirement income sector- our strategic approach Henry Thompson
IFoA response to HM Treasury Cash and digital payments in the new economy 05.06.18 HM Treasury

Cash and digital payments in the new economy

Matthew Levine
IFoA response to FCA CP18/7: Improving the quality of pension transfer advice 25.05.18 Financial Conduct Authority

 

CP18/7: Improving the quality of pension transfer advice

 

Steven Graham
IFoA response to Work and Pensions Committee defined benefit pensions white paper inquiry 25.05.18 Work and Pensions Select Committee Defined benefit pensions white paper inquiry Henry Thompson
IFoA response to PRA CP2-18 Changes in Insurance Reporting Requirements 13.04.18 Prudential Regulation Authority CP2/18 Changes in insurance reporting requirements Steven Graham
IFoA response to PRA CP 24_17 Solvency II Internal Models - Modelling of the MA 09.03.18 Prudential Regulation Authority

Solvency II: Internal models - modelling of the matching adjustment

Steven Graham
IFoA response to Communities and Local Government and Health Committees Inquiry on the Long-term Funding of Adult Social Care 07.03.18 Communities and Local Government and Health Committees

Joint inquiry on long-term funding of adult social care

Rebecca Deegan
IFoA response to FSB Key Attributes Assessment Methodology 28.02.18 Financial Stability Board

Key Attributes Assessment Methodology for the Insurance Sector: Consultative Document

Steven Graham
IFoA response to FRC Initial consultation on the future direction of the UK Stewardship Code 28.02.18 Financial Reporting Council Proposed revisions to the UK Corporate Governance Code Matthew Levine
IFoA response to ASC Exposure Draft ISAP 6 28.02.18 International Actuarial Association

Exposure Draft ISAP 6 — Enterprise Risk Management Programs and IAIS Insurance Core Principles

Michael Williams
IFoA response to PRA CP22-17 Supervisory approval for the volatility adjustment 09.02.18 Prudential Regulation Authority CP 22/17 Solvency II: supervisory approval for the volatility adjustment Steven Graham
IFoA response to PRA CP23-17 Financial Management and Planning by Insurers 09.02.18 Prudential Regulation Authority CP 23/17 Financial management and planning by insurers  Steven Graham
IFoA response to PRA CP21-17 Matching Adjustment 31.01.18 Prudential Regulation Authority

CP 21/17 Solvency II: Matching adjustment

Steven Graham
IFoA response to IAIS Revision ICPs 15 and 16 31.01.18 International Association of Insurance Supervisors

Revision ICPs 8, 15 and 16

Steven Graham
IFoA response to Work and Pensions Committee Collective Defined Contribution Pension Schemes Inquiry 24.01.18 Work and Pensions Committee

Collective defined contribution pension schemes inquiry

Rebecca Deegan
IFoA response to the European Commission- Public consultation on institutional investors and asset managers' duties regarding sustainability 22.01.18 European Commission

Public consultation on institutional investors and asset managers' duties regarding sustainability

Matthew Levine
IFoA response to the Pensions and Lifetime Savings Association - Hitting the Target 16.01.18 Pensions and Lifetime Savings Association Hitting the target: Delivering better retirement outcomes Rebecca Deegan
IFoA response to EIOPA CP-17-006 EIOPA’s second set of advice to the European Commission on specific items in the Solvency II Delegated Regulation 05.01.18 European Insurance and Occupational Pensions Authority CP-17-006  EIOPA’s second set of Advice to the European Commission on specific items in the Solvency II Delegated Regulation  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

  • Spaces available

    Sessional Meeting - Free to viewMis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work

  • Finance & Investment Virtual Conference 2021

    Available to watch globally in May.
    10-12 May 2021
    Spaces available

    This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern

  • Spaces available

    This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.

  • Spaces available

    Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.

     

  • Spaces available

    The General Insurance (GI) Spring Conference is a result of the General Insurance Lifelong Learning Committee (GILL) combining this year’s 'Current Issues in General Insurance' (CIGI) and 'Technical Issues in General Insurance' (TIGI) conferences into a virtual webinar series over 19 – 25 May that will be available to watch online globally.

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.

  • Spaces available

    This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.

    The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.

  • Spaces available

    The world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable and steady are now faster and more profound. In response to this tumultuous transformation, Tan Suee Chieh has advocated a reinvention of the actuarial profession, through the adoption of the IFoA’s Vision, Skills, Mindsets and Domains (VSMD) Strategy, to ensure actuaries remain relevant and forward-looking.

  • Spaces available

    Tools like python/R are being heavily used to provide end-to-end analytical solutions for risk management. They help to set up a framework/platform to collect risk data and work out stochastic analytics to provide insights into the risks faced by a firm, be it in any sector. Data science techniques are being used to not only assess risk, but to predict outcomes in the future based on stochastic analysis and impacts of mitigation techniques. This webinar talks about the possible applications of technology to assist actuarial advice in such situations.

  • Spaces available

    The webinar will look at several aspects of intergenerational fairness and our panel of experts will challenge you, society, taxpayers and generations X, Y and Z on key aspects of DB v DC pensions, public v private sector pensions, state benefits and key aspects of sustainability.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.

  • Spaces available

    Given our commitment to the safety of our members and employees, and as the easing of restrictions in respect of COVID-19 cannot be guaranteed at this point in time, we have decided to hold our AGM virtually again this year.

    The Business of the AGM

  • Spaces available

    This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.

    The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.

  • Spaces available

    The paper “Asset liability modelling in the quantum era” shall be presented by its authors, Tim Berry and James Sharpe, and chaired by Andrew Smith, Assistant Professor in the School of Mathematics and Statistics at University College Dublin. This gives a summary of historical and current practices in ALM, and then gives an insight into what ALM may be like in the immediate future by demonstrating how quantum computers can be used for ALM. A quantum algorithm for optimising ALM calculations is presented and tested using a quantum computer.

  • Spaces available

    Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible?  This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them. And, of course, how to demonstrate that this is happening.