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2021

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 PRA Consultation - Solvency II: Definition of an insurance holding company 06.12.21 Prudential Regulation Authority Solvency II: Definition of an insurance holding company Steven Graham
IFoA Response to Data: A New Direction  18.11.21 Department for Culture, Media and Sport Data: A New Direction Steven Graham
IFoA Response to Diversity and Inclusion in the Financial Sector Discussion Paper - Working Together to Drive Change 01.10.21 Financial Conduct Authority  Diversity and Inclusion in the Financial Sector - Working Together to Drive Change Matthew Levine
ICE (Supported by the IFoA) National Resilience Strategy Call for Evidence Response 27.09.21 Cabinet Office The National Resilience Strategy: Call for Evidence Matthew Levine

IFoA response to FCA part VII transfer guidance

31.08.21 Financial Conduct Authority

FCA Part VII Transfer Guidance

Steven Graham
IFoA Response to The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2021 24.08.21 Department for Work and Pensions The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2021 Caolan Ward
IFoA Response to SCAPE Discount Methodology Consultation  24.08.21 HM Treasury SCAPE Discount Codes Consultation Caolan Ward
IFoA Response to TPR FCA 'Pensions Consumer Journey' Consultation 30.07.21 The Pensions Regulator / Financial Conduct Authority TPR FCA Pensions Consumer Journey Consultation Caolan Ward
IFoA response to FCA consultation on new consumer duty  30.07.21 Financial Conduct Authority CP 21/13: A new Consumer Duty Matthew Levine
IFoA Response to Consultation on a Revised Code of Practice 12: Contribution Notices 07.07.21 The Pensions Regulator Code of Practice 12 Consultation  Caolan Ward
IFoA Response to BEIS White Paper: Restoring Trust in Audit and Corporate Governance 29.06.21 Department for Business, Energy and Industrial Strategy Restoring Trust in Audit and Corporate Governance Emma Gilpin
IFoA response to FCA consultation on Long Term Asset Fund 25.06.21 Financial Conduct Authority A new authorised fund regime for investing in long term assets Matthew Levine
IFoA Response to Protecting Pension Savers - Five Years on From the Pension Freedoms: Accessing Pension Savings 14.05.21 House of Commons Work and Pensions Select Committee Protecting Pension Savers - Five Years on From the Pension Freedoms: Accessing Pension Savings Caolan Ward
IFoA Response to NIRL Damages Bill 06.05.21 NIRL Assembly Committee of Justice NIRL Committee for Justice Damages Bill Steven Graham
IFoA response to BEIS consultation on mandatory climate-related financial disclosures 05.05.21 Department for Business, Energy and Industrial Strategy Mandatory climate-related financial disclosures by publicly quoted companies, large private companies and LLPs Caroline Winchester

IFoA and ICSWG response to Law Commission 14th Programme of Review

05.05.21 Law Commission of England and Wales 14th Programme of Review Caroline Winchester
IFoA Response to DEFRA Flood Re 26.04.21 Department for Environment, Food and Rural Affairs Amendments to the Flood Re Scheme Steven Graham
IFoA Response to TPR's Approach to the Investigation and Prosecution of the New Criminal Offences 22.04.21 The Pensions Regulator TPR's Approach to the Investigation and Prosecution of the New Criminal Offences Caolan Ward
IFoA response to the EAC’s inquiry into biodiversity and ecosystems 15.04.21 Environmental Audit Committee Biodiversity and ecosystems Caroline Winchester
IFoA response to the PAC’s inquiry into adult social care markets 12.04.21 Public Accounts Committee Adult social care markets Caroline Winchester
IFoA Response to PRA SONIA Transition 31.03.21 Prudential Regulation Authority CP1/21 Transition to SONIA Steven Graham
IFoA response to the Department's White Paper on health and social care 23.03.21

Health and Social Care Committee

Department's White Paper on health and social care

Caroline Winchester
IFoA Response to Consultation on Assumptions to be used for Valuations under Section 143 and 179 of the Pensions Act 2004 18.03.21 Pension Protection Fund Consultation on Assumptions to be used for Valuations under Section 143 and 179 of the Pensions Act 2004 Caolan Ward
IFoA response to Law Commissions - Consultation Paper 3 - A regulatory framework for automated vehicles 17.03.21 Law Commission and Scottish Law Commission Automated vehicles Matthew Levine
IFoA response to FCA – Regulation of pre-paid funeral plans 13.04.21 Financial Conduct Authority Funeral plans Matthew Levine
IFoA response to taking action on climate risk: improving governance and reporting by occupational pension schemes – response and consultation on regulations 12.03.21 Department for Work and Pensions

Taking action on climate risk: improving governance and reporting by occupational pension schemes – response and consultation on regulations

Caroline Winchester
IFoA response to Solvency II Review: Call for Evidence 19.02.21 HM Treasury

Solvency II Review: Call for Evidence

Steven Graham

IFoA response to HM Treasury’s Financial Services Future Regulatory Framework Review

19.02.21 HM Treasury

Financial Services Future Regulatory Framework Review

Henry Thompson
IFoA response to the Occupational and Personal Pension Schemes (General Levy) Regulations review 2020 28.01.21 Department for Work and Pensions

The Occupational and Personal Pension Schemes (General Levy) Regulations review 2020

Caolan Ward
IFoA response to CP20/19 General insurance pricing practices market study 27.01.21 Financial Conduct Authority 

CP20/19 General insurance pricing practices market study

Steven Graham
IFoA response to Budget Representation 20.01.21 HM Treasury 

Budget Representation

Matthew Humphreys 
IFoA response to Draft Guidance: Business Interruption Insurance Test Case: Proving Presence of COVID-19 18.01.21 Financial Conduct Authority 

Draft Guidance: Business Interruption Insurance Test Case: Proving Presence of COVID-19

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.