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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

    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

  • Spaces available

    This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.

    The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.

  • Spaces available

    The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.

    Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).

    In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members.  Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.

  • Spaces available

    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Social Care Agenda

    11 October 2022

    Spaces available

    Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.

  • Spaces available

    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.

  • GIRO Conference 2022

    ACC Liverpool  
    21 November 2022 - 23 November 2022
    Spaces available

    We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.

  • Life Conference 2022

    ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP
    23 November 2022 - 25 November 2022
    Spaces available

    Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.