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Henry Thompson, IFoA Policy Manager explains why the UK political party conferences are such a great opportunity to highlight the expertise of the actuarial profession and promote the public interest
Ethical issues are rising in prominence and risk managers need to keep pace with a highly dynamic environment. Ethical questions span a wide spectrum – sustainable investing, customer outcomes and, increasingly, wider business practices, conduct and culture. Best practice corporate governance guidelines are now requiring risk managers to challenge decisions that involve ethical dilemmas.
The interim paper “ A Cashless Society: Benefits, Risks and Issues” assessed a number of key economic aspects with a view to balance the arguments, and documented a log of 20 risks and issues.
Now in its second phase of research, the Working Party is exploring further implications of a cashless society. This paper focuses on the environmental perspectives of a cashless society, and proposes to add a new issue to the register.
This paper explores four key areas:
A recent research report by the Grantham Research Institute at the LSE assesses the role of the independent Committee on Climate Change (CCC) in shaping UK climate policy. The report’s supportive conclusions enable lessons to be drawn for both domestic and international climate policymakers.
ClientEarth has recently published an article reporting that a member of Shell’s pension fund has warned that they will take the fund to the Pensions Ombudsman for maladministration – unless it can prove it is managing its climate-related risk.
ClientEarth is supporting the member’s case, which follows only two months after an Australian pension fund member launched a similar action against his pension fund.
The International Actuarial Association (IAA) has published a paper on decarbonisation.
Providing a briefing for actuaries across the Globe, the paper covers topics including; the main types and sources of greenhouse gas emissions; relevant international agreements; commitments made; the policies adopted; likely future developments; and, observations on potential actuarial implications.
We have updated the IFoA Directory of Opportunities to reflect changes to the IFoA’s governance structure.
The redesigned Directory of Opportunities provides an overview of the governance structure and highlights the many ways you can get involved. The directory is a helpful resource for existing volunteers and members interested in volunteering.
A lot of the IFoA’s energy goes into educating and regulating members. This is executed exceptionally well by our quality staff and enthusiastic volunteers, but I want to focus on the IFoA’s influence on policy and public debate. Three years ago, when I joined the Life Board, we would receive a consultation of some form – late. We’d have a week to catch-up and produce something of sufficient quality to at least respond. Thanks to the work of the IFoA Policy staff, and the Life Standards and Consultations Committee, we then got into a position of getting the consultations when they were
The IFoA will host a networking event on 28 November at Staple Inn Hall, London.
Speaker Lisa Altmann-Richer will draw on the latest developments in machine learning and big data to present a framework for how predictive analytics could be used to help improve the forecasting of demand for health care services.
Malaysia: A new set of mortality tables has recently been published – M1115, based on the study of Malaysian assured lives from 2011 to 2015. The defined benefit market is not very large (besides the civil servants pension fund, which is). Private sector defined benefit (DB) plans that do exist typically pay lump sums at retirement, so this change will not be expected to materially affect retirement scheme liabilities.
Other actuary news
Added: Fri, 02/11/2018 - 13:00Pension fund trustees will not be forced to report the risks that climate change pose to their investments after ministers refused to accept the recommendation from the Environmental Audit Committee (EAC).
Added: Wed, 31/10/2018 - 13:40The first half of this year saw the total value of mergers and acquisitions (M&A) in the global insurance market hit the highest level recorded since the financial crisis.
Added: Tue, 30/10/2018 - 15:30Asset managers have been told to prepare for massive change and disruption amid growing technological, environmental, demographic and social pressures.
Added: Mon, 29/10/2018 - 17:46Philip Hammond has announced that social care will receive an additional £650m in funding over the next financial year in his autumn budget today.
Added: Fri, 26/10/2018 - 16:15The International Accounting Standards Board (IASB) is reluctant to make revisions to IFRS 17 amid fears that changes could disrupt existing implementation processes.
Added: Thu, 25/10/2018 - 17:00UK savers have failed to claim around 1.6 million pension pots worth nearly £20bn at least six times more than previously estimated, the largest study of its kind has revealed.
Added: Wed, 24/10/2018 - 16:30The number of UK businesses with a master trust as their main defined contribution (DC) pension scheme is set to more than double over the next three years.
Added: Wed, 24/10/2018 - 13:40A global insurance protection gap of $163bn (£126bn) threatens the livelihoods of millions of people across the world, with poorer countries some of the most at risk.
Added: Tue, 23/10/2018 - 11:00UK insurers dispute nearly half of all large commercial claims, with many businesses thought to have a poor understanding of the conditions and limitations of their policies.
Added: Mon, 22/10/2018 - 17:45UK insurers have been told to review the management of with-profit funds after research from Barnett Waddingham found significant variations in returns.