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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

  • Disinvestment or engagement?

    21 September 2021

    Spaces available

    Chaired by Lucy Saye, join a panel of life insurance asset owners and asset managers as we discuss the merits of disinvestment and engagement when considering the integration of ESG in investment decision making. We will consider practical application as well as the implication of regulatory regimes.

  • Spaces available

    A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.

    This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.

  • Scottish Actuarial Webinar Series 2021

    7 October 2021 - 8 October 2021
    Spaces available

    Join us for the IFoA’s first ever Scottish Actuarial Webinar Series organised by the Scottish Board especially for members of the Scottish Constituency which will provide an ideal mix of CPD to take into your reflective practice discussions. 

  • Spaces available

    Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.

  • Spaces available

    How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more.

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Spaces available

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.