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Mike Clark is an IFoA volunteer who volunteer’s on a joint-working party, alongside members of the Institute of Environmental Management and Assessment. It is producing a Guide on the Taskforce for Climate-related Financial Disclosures recommendations. Previously, Mike sat on the IFoA’s Resource & Environment Research and CPD committee and he also represents the IFoA on the Global Advisory Council of the Sustainable Finance Programme at the University of Oxford’s Smith School.
The IFoA's Risk Management in a Digital World Working Party is currently researching the risk management practices and capabilities in assessing risks emerging from InsurTech. As part of this, they are carrying out a survey to gain a range of views and experiences.
Many employers support members in taking on IFoA volunteer roles – with their own interests in mind.
Volunteering for your professional body isn’t just about giving something back - it’s also an opportunity for personal and professional development, if you pick the right role. And frequently it is recognised as such by employers.
We are often asked about how our examinations work, so our examination team based in Oxford, UK have brought together the answers to some of the most common questions below.
Although students sit examinations in April and September (known as the session based exams), this is actually the end point of a complex process which starts months before.
Setting exam dates
The first stage of the exam process is the setting of the exam dates.
Exams will normally take place in the third and fourth weeks in April and in the last two weeks of September.
The IFoA has today published a new standard APS X4 which will come into force on 27 February 2020.
APS X4 applies to members carrying out actuarial work in the financial analysis of Social Security Programmes outside of the UK Geographic Scope. In effect, the standard requires members to apply the terms of International Standard of Actuarial Practice 2 (ISAP 2) from the International Association of Actuaries.
The World Bank has launched an environmental, social and governance (ESG) portal that aims to improve the quality, scope, transparency and timeliness of publicly available data. The aim is to help the financial sector identify risks and opportunities around activities that are better aligned with the Sustainable Development Goals. The Sovereign ESG data portal is an online platform providing 67 indicators, such as poverty measures and natural capital, that address all 17 Sustainable Development Goals.
The Investment Association (IA) has announced new guidelines around responsible investment that aim to ensure environmental, social and governance products are being appropriately and consistently labelled.
The Institute of International Finance (IIF) has proposed an industry-wide simplification of terminology around sustainable investment, in order to help scale up sustainable finance. The IIF have released a report that recommends three categories for sustainable investment products:
The IFRS 17: Future of Discount Rates working party has been exploring a number of issues surrounding the derivation and use of discount rates for IFRS 17. To date, the group has produced an article summarising the activity it is undertaking, an overview of the key considerations involved in setting discount rates under IFRS 17, a comparison between existing discount rate approaches and IFRS 17 (published in The Actuary magazine), and an analysis of issues arising from the use of locked-in stochastic discount rates.
APS X2: Review of Actuarial Work came into force in July 2015. It introduced a cross-practice approach to work review, requiring all members to use their judgment to determine whether to apply work review to actuarial work and in particular to consider whether it is appropriate and proportionate for such work review to be in the form of independent peer review.
Other actuary news
Added: Tue, 03/12/2019 - 11:07An increasing number of UK homeowners do not understand how equity release works, despite £2.8bn in lifetime mortgages being lent by the end of the third quarter of 2019.
Added: Mon, 02/12/2019 - 11:15The number of insurance companies that have withdrawn their support for the coal industry has more than doubled this year, the Unfriend Coal campaign has revealed.
Added: Thu, 28/11/2019 - 13:11UK insurers are overlooking an opportunity to build brand retention and loyalty by not connecting more with their customers, a new survey has uncovered.
Added: Thu, 28/11/2019 - 13:06British women are twice as likely as men to be unaware of how much they have saved in their pensions, according to new research by insurance firm Aegon.
Added: Thu, 28/11/2019 - 13:04The Association of Consulting Actuaries (ACA) has criticised a lack of pension policies put forward by UK political parties in their recently published manifestos.
Added: Thu, 28/11/2019 - 11:52Employer-sponsored health care benefits are expected to soar in 2020, with costs rising by an average of 6.8% globally, a survey of medical insurers has suggested.
Added: Thu, 28/11/2019 - 11:30The world's 15 largest asset managers are collectively failing to invest in a way that supports international climate change targets, a new study has uncovered.
Added: Thu, 21/11/2019 - 09:37Finance and insurance firms invested more in cyber security last year than companies from any other sector, analysis of UK government data has found.
Added: Wed, 20/11/2019 - 10:58The Institute and Faculty of Actuaries (IFoA) has published a new guide to help life actuaries incorporate climate change considerations into their day-to-day work.
Added: Wed, 20/11/2019 - 10:31The world's largest asset owners are now too important to fail in managing the wealth and wellbeing of billions of people, the Thinking Ahead Institute has declared.