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Response to BEIS consultation

In March, the UK Department for Business, Energy and Industrial Strategy (BEIS) published its long-awaited White Paper on reform of audit and corporate governance. Within this, it set out important proposals for the future of UK actuarial regulation. Following extensive engagement with members, government, regulators and other stakeholders, the IFoA has now submitted its response to these proposals.

This included more detail about the role of a proposed new regulator – the Audit, Reporting and Governance Authority (ARGA) which is the body expected to replace the Financial Reporting Council (FRC) in 2023.

Under the proposals, ARGA will take on statutory oversight of the IFoA’s regulatory function and will set legally binding UK technical actuarial standards. Currently, these roles are carried out by the FRC under a Memorandum of Understanding with the IFoA.

It is also proposed that ARGA’S role could extend to monitoring compliance with those technical standards and taking action for compliance failures. The paper also considers the possibility of those technical standards applying to entities carrying out actuarial work, in addition to individual actuaries.

The IFoA’s consideration of the recommendations and the consultation response has been led by a special group called the IFoA Regulatory Strategy Steering Group. This is made up of the Presidential Team, Council members, Regulation Board Members and the Executive Leadership Team.

For further information on the IFoA’s response to the BEIS White Paper, please refer to the press release and the blog.

Review the consultation response


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Events calendar

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    Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.  

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    Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.

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    The IFoA Mental Health working party look back over their week of blogs and podcasts considering all aspects of the relationship between mental health and life insurance. The expert panel spans adviser, underwriter and actuarial experience and they  explore triggers for purchasing insurance relating to mental health, the various routes to insurance and how these may be more suited to different people depending on their conditions and preferences, the products and processes involved in purchasing these as well as what claims and support are available to policyholders and how to access them.

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