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UK Government adopts IFoA’s recommendation to drop exit penalty on Lifetime ISAs
1 May 2020
Last month the IFoA wrote to the UK government to suggest a range of measures that would allow the insurance and finance sectors to respond more effectively to COVID-19. One of the measures in the letter proposed that the rules on Lifetime ISAs could be relaxed for a period of time. This would allow consumers to access money from these vehicles without ending up worse off.
Cyber models: Moving from helpful to indispensable
1 May 2020
Visesh Gosrani, Chair of the Institute and Faculty of Actuaries Cyber Risk Working Party, explains what a group of actuaries find helpful from Cyber Model vendors at the moment and what vendors can do to make their models indispensable.
A message on COVID-19 from IFoA President, John Taylor
29 April 2020
What is the difference between longevity and mortality?
28 April 2020
In this blog, Matthew Edwards, Editor of the IFoA Longevity Bulletin, explains the difference between mortality and longevity, discusses some of the contexts in which the terms are used, and looks at complications that may make them less simple than might appear.
CMI assesses impact of COVID-19 on total UK deaths
28 April 2020
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing weekly UK mortality analysis through its mortality monitor. This week’s update shows the position as at week 16 of 2020 (11 April to 17 April) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 28 April 2020.
The key points of this update are:
Contingency plans for Practising Certificate holders
27 April 2020
We understand that, due to the coronavirus crisis, there may be times over the coming months where a certificate holder is unable to fulfil their duties. Therefore, the organisation may need to put emergency contingency plans in place for such an event.
The simplest solution would be, wherever possible, for the organisation to make use of another Practising Certificate (PC) holder within the same organisation or firm as the current PC holder.
What use is risk management in a crisis? …another view
27 April 2020
Paul Harwood, member of the Risk Management Board, shares an alternative view.
In the last article on this topic, I suggested that risk management, as a governance function, had no place in the midst of a crisis. That’s a naïve view: in these circumstances, at least two of the roles of the Risk Management Function are unchanged: first, to improve decision making quality, and second, to enhance implementation activity.
What a difference a word makes
27 April 2020
In this blog, Matthew Edwards, Editor of the IFoA Longevity Bulletin, talks about life expectancy and the contribution actuaries can make during the COVID-19 crisis.
“Diverse coalition of voices” write to chancellor calling for COVID-19 support for ‘forgotten’ small business and self-employed
27 April 2020
A group of membership bodies, representing around 300,000 members ranging from optometrists, osteopaths and physiotherapists to market researchers and accountants, has joined forces to call for financial support for their forgotten members who have been overlooked for Government support. These self-employed professionals and small businesses provide important services which have been badly impacted by the COVID-19 pandemic but are struggling to access any of the existing schemes.
UN Global Compact: The Pros and Cons of Corporate Transparency
27 April 2020
This recent report explores the tension within companies regarding their reporting and disclosure on environmental, social and governance (ESG) issues to build a better understanding of the risk/return profile of transparency and thereby help companies to balance competing interests. Initiatives that rank companies’ performance based on information in the public domain are creating new incentives for leading companies to be transparent about their ESG performance.