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2019

Institute and Faculty of Actuaries (IFoA) consultation responses.

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 CP 23/19 Solvency II: Income producing real estate loans and internal credit assessments for illiquid, unrated assets 30.12.19 Prudential Regulation Authority  CP 23/19 Solvency II: Income producing real estate loans and internal credit assessments for illiquid, unrated assets Steven Graham
IFoA response to Draft Statement of Intent (SOI) for IAA Activities on Climate-related Risks 28.12.19 International Actuarial Association  Draft Statement of Intent (SOI) for IAA Activities on Climate-related Risks Faye Alessandrello
IFoA response to simpler annual benefit statements 20.12.19 Department for Work and Pensions Simpler annual benefit statements Catherine Burtle
IFoA response to CP22/19 Solvency II: Prudent Person Principle 18.12.19 Prudential Regulation Authority CP22/19 Solvency II: Prudent Person Principle Matthew Levine
IFoA response to MS18/1.2 - General insurance pricing practices Interim Report 15.11.19 Financial Conduct Authority  MS18/1.2 - General insurance pricing practices Interim Report Steven Graham
IFoA response to Advancing our health: prevention in the 2020s 14.10.19 Department for Health and Social Care

Advancing our health: prevention in the 2020s

Henry Thompson
IFoA response to Health is everyone's business - proposals to reduce ill health-related job loss 06.10.19 Department for Work and Pensions

Health is everyone's business - proposals to reduce ill health-related job loss

Catherine Burtle
IFoA response to GC19/3: Guidance for firms on the fair treatment of vulnerable customers 04.10.19 Financial Conduct Authority  GC19/3: Guidance for firms on the fair treatment of vulnerable customers Steven Graham
IFoA response to Amendments to IFRS 17 25.09.19 International Accounting Standards Board  Amendments to IFRS 17 Steven Graham
IFoA response to the future of trusteeship and governance 24.09.19 The Pensions Regulator  Future of trusteeship and governance Henry Thompson
IFoA response to the draft guidance consultation (in response to CMA recommendation) 09.09.19 The Pensions Regulator

Draft guidance consultation (in response to CMA recommendation)

Henry Thompson
IFoA response to the PSR’s research into cash access, use and acceptance 06.09.19 Payment Systems Regulator

Call for views: The PSR’s research into cash access, use and acceptance

Matthew Levine
IFoA response to HM Treasury consultation on the regulation of pre-paid funeral plans 22.08.19 HM Treasury

Regulation of pre-paid funeral plans: consultation on a policy proposal

Matthew Levine
IFoA response to CP11/19 Solvency II: Maintenance of the transitional measure on technical provisions 21.08.19 Prudential Regulation Authority 

CP11/19Solvency II: Maintenance of the transitional measure on technical provisions

Steven Graham
IFoA response to the Financial Conduct Authority DP19/2: Intergenerational differences 01.08.19 Financial Conduct Authority  DP19/2: Intergenerational differences Catherine Burtle
IFoA response to the Treasury Committee's Decarbonisation of the UK Economy and Green Finance inquiry 26.07.19 Treasury Committee

Decarbonisation of the UK Economy and Green Finance inquiry

Faye Alessandrello
IFoA response to The Work and Pensions Select Committee inquiry on DWP spending review inquiry 19.07.19 The Work and Pensions Select Committee

Spending Review inquiry

Michael Williams 
IFoA response to GC19/2: General insurance distribution chain: proposed guidance for insurance product manufacturers and distributors 09.07.19 Financial Conduct Authroity  GC19/2 : General insurance distribution chain: proposed guidance for insurance product manufacturers and distributors Steven Graham

IFoA response to Environment Agency Flood and Coastal Erosion Risk Management Strategy

04.07.19 Environment Agency

Draft National Flood and Coastal Erosion Risk Management Strategy for England

Catherine Burtle
IFoA response to CP 7/19 Solvency II: Equity release mortgages – Part 2 03.07.19 Prudential Regulation Authority 

Solvency II: Equity release mortgages – Part 2

Steven Graham
IFoA response to underwriting environmental, social and governance risks in non-life insurance business 11.06.19 UNEP FI Principles for Sustainable Insurance Initiative Underwriting environmental, social and governance risks in non-life insurance business Faye Alessandrello
IFoA response to the Infrastructure Finance review  05.06.19 HM Treasury  Infrastructure Finance Review Matthew Levine
IFoA response to CP4/19 Liquidity risk management for insurers  05.06.19 Prudential Regulation Authority  CP4/19 Liquidity risk management for insurers Steven Graham
IFoA response to 2nd Exposure Draft of ISAP 4 on IFRS 17 Insurance Contracts 30.04.19 International Actuarial Association  2nd Exposure Draft of ISAP 4 on IFRS 17 Insurance Contracts Steven Graham
IFoA response to CP19/8: General Insurance Value Measures reporting 30.04.19 Financial Conduct Authority  CP19/8: General Insurance Value Measures reporting Steven Graham
IFoA response to IAN 100 - Application of IFRS 17 Insurance Contracts 26.04.19 International Actuarial Association  IAN 100 - Application of IFRS 17 Insurance Contracts Steven Graham
IFoA response to the Resilience study scoping consultation 05.04.19 National Infrastructure Commission  Resilience study scoping consultation Matthew Levine

IFoA response to CP19/5 Retirement Outcomes Review: Investment pathways and other proposed changes to our rules and guidance

05.04.19 Financial Conduct Authority  CP19/5 Retirement Outcomes Review: Investment pathways and other proposed changes to our rules and guidance Catherine Burtle
IFoA response to Defined contribution pensions: investments and consolidation 01.04.19 Department for Work and Pensions

Defined contribution pensions: investments and consolidation

 

Matthew Levine

IFoA response to Public Call for Evidence for an Opinion on sustainability within Solvency II

08.03.19 European Insurance and Occupational Pensions Authority

Public Call for Evidence for an Opinion on sustainability within Solvency II

Faye Alessandrello

IFoA response to CP18/40: Consultation on proposed amendment of COBS 21.3 permitted links rules

28.02.19 Financial Conduct Authority 

CP18/40: Consultation on proposed amendment of COBS 21.3 permitted links rules

Matthew Levine

IFoA response to DP18/10: Patient Capital and Authorised Funds

28.02.19 Financial Conduct Authority 

DP18/10: Patient Capital and Authorised Funds

Matthew Levine

IFoA response to Automated vehicles:preliminary consultation paper

11.02.19 Law Commission  Automated vehicles: preliminary consultation paper Matthew Levine
IFoA response to Consolidation of defined benefit pension schemes 01.02.19 Department of Work and Pensions 

Consolidation of defined benefit pension schemes

Henry Thompson
IFoA response to DP18/9: Fair Pricing in Financial Services 01.02.19 Financial Conduct Authority  Discussion Paper DP18/9, Fair Pricing in Financial Services Steven Graham
IFoA response to Setting the Personal Injury Discount Rate: Call for evidence 01.02.19

Minstry of Justice

Setting the Personal Injury Discount Rate: Call for evidence

Steven Graham
IFoA response to FCA DP18/8: Climate change and green finance 31.01.19 Financial Conduct Authority DP18/8: Climate change and green finance Faye Alessandrello
IFoA response to the Pensions Dashboards: Working together for the consumer 28.01.19 Department for Work and Pensions Pensions Dashboards: Working together for the consumer Catherine Burtle
IFoA response to Corporate Capital Loss Restriction:Consultation on Delivery 25 25.01.19 HM Revenue & Customs  Corporate Capital Loss Restriction:
Consultation on Delivery 25
Steven Graham

IFoA response to delivering Collective Defined Contribution Pension Schemes

16.01.19 Department for Work and Pensions

Delivering collective defined contribution pension schemes

Henry Thompson
IFoA response to Consultation Paper 23/18 15.01.19 Prudential Regulation Authority

Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change

Matthew Levine
IFoA response to draft application paper on recovery planning 07.01.19 IAIS

Draft application paper on recovery planning

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

    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

    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
    • Can and should you recover ransoms under cyber insurance?
    • What is the future for cyber risk?

  • KSS event: Technology: A red-eyed Terminator or an actuary’s best friend?

     Hymans Robertson, Exchange Place 1, 1 Semple Street, Edinburgh, EH3 8BL
    4 May 2020

    Spaces available

    Despite long-running concerns that innovation could lead to widespread redundancy, technology has enabled greater productivity, created higher-value jobs and spurred us on to new heights. With artificial intelligence increasingly automating work undertaken by professionals, I look at the prospects for the actuarial profession in the era of unprecedented technological innovation.

  • 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.

  • Spaces available

    How we relate to others at work, whether they are colleagues, clients, prospective clients or other business contacts is key to individual career progression and business performance. People buy people , so considering what we are known for and how to be positively memorable are vital. This session looks at the importance of professional relationships, the psychology of personal image and impact and the three personal impact 'tools' which affect what people say about us when we're not in the room.

  • 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.