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Proposals to introduce a revised Actuarial Profession Standard (APS) P1
7 September 2020
The Institute and Faculty of Actuaries (IFoA) has today launched a consultation on proposals to introduce a revised APS P1 on ‘Duties and Responsibilities of Members undertaking work in relation to pension schemes’. The revised APS has been produced by the Pension Standards Committee, with approval from the Regulation Board.
IEMA and IFoA jointly publishes 'The User guide to climate related financial disclosures’
2 September 2020
There is a growing demand for climate related information by a range of participants in the financial markets as creditors and investors seek access to better risk information. Understanding what climate related risks and opportunities are is vital to organisations.
The Task Force on Climate Related Financial Disclosures (TCFD) provides their recommendations in their online hub. These disclosures offer us all opportunities for supporting business transitions and influencing change.
Green Hydrogen: Hyper-fuel or hype?
2 September 2020
Green hydrogen has recently fuelled optimism for its potential to decarbonise trickier sectors of the economy, such as heavy industry and transport. Critics would, however, be quick to point out that this is not the first time that hydrogen has been promoted as an alternative fuel – the term ‘hydrogen economy’ was coined in 1970 and has delivered both promise and disappointment over the decades since.
ICAT – Effectiveness of ERM Frameworks - Survey
2 September 2020
The IFoA Covid-19 Action Taskforce (ICAT) Effectiveness of ERM Frameworks Workstream would like to invite you to participate in the following risk management survey aimed at assessing the effectiveness of existing ERM frameworks in addressing the challenges from Covid-19. This survey should take no more than 10-15 minutes of your time.
Are you a part of a reserving team? Can we pick your brain?
2 September 2020
Your insights can shape the future of reserving teams in the insurance industry.
The Developing Your Reserving Team Working Party are looking for ways to improve things for reserving teams and the insurance companies.
Are you a part of a reserving team? Then they’d like to hear about the following:
New IFoA CPD Scheme takes effect today
1 September 2020
The new IFoA CPD Scheme comes into effect today. The new approach to continuing professional development has been tailor-made for IFoA members and has been hailed as an important step in modernising the profession.
Neil Buckley, Chair of the IFoA Regulation Board, said: “This is an exciting moment for the IFoA. We want members to feel inspired to learn in the way that is right for them and their individual career paths.
“After such a positive response to the consultation we look forward to hearing from members how the Scheme works for them.”
Institute and Faculty of Actuaries Strategy 2020-2024
1 September 2020
So you’ve caught the pandemic modelling bug; now what?
26 August 2020
Richard Marshall, Director in Willis Towers Watson’s UK Insurance Consulting and Technology practice [and member of the IFoA’s Health and Care Research Subcommittee], provides an overview of pandemic models and some of the challenges of replicating the complex dynamics of infectious disease transmission.R&E Board renamed to Sustainability Board: New name, same purpose and the 2020 Chair’s Themes
21 August 2020
Nick Spencer, the new Chair of the Sustainability Board (previously Resource and Environment) provides an update.
Names Matter. Confucianism has the concept of Rectification of Names which means that things ”should be made to accord with the implications attached to them by names the prerequisites for correct living and even efficient government being that all classes of society should accord to what they ought to be”1.
Introduction of APS X5: Compensation for Professional Shortcomings
20 August 2020
The IFoA has published a new Actuarial Profession Standard (APS) X5 which will come into force on 20 November 2020.
APS X5 requires Members that are Principals in Organisations that provide Actuarial Work to external Clients, to have in place measures relating to compensation of Clients, or alternative arrangements relating to liability, for loss caused by professional shortcomings.
The standard replaces GN30: Compensation for Professional Shortcomings and implements broadly the same requirements. GN30 will be withdrawn when APS X5 comes into force.
Richard Marshall, Director in Willis Towers Watson’s UK Insurance Consulting and Technology practice [and member of the IFoA’s Health and Care Research Subcommittee], provides an overview of pandemic models and some of the challenges of replicating the complex dynamics of infectious disease transmission.Pages
