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There are currently two open consultations connected with Interbank Offered rate (IBOR) reform, the ISDA consultation on IBOR fallbacks and the Bank of England (BoE) consultation on Term SONIA rates.
The ISDA consultation is concerned with agreeing fallbacks which will apply to derivatives contracts referencing IBOR if it is discontinued.
There are two distinct parts to the consultation:
1. To determine how to adjust the relevant risk free rates (which are overnight rates) to be consistent with the IBOR rates (which are published for 1,3,6 and 12 month tenors)
IAMAC engages with the Pensions Board
In June 2016, the IFoA signed a Memorandum of Understanding with the Insurance Asset Management Association of China (IAMAC) becoming its second strategic partner outside China.
In this blog, Chloe Hung, Amazon best-selling author, describes some of the common reasons why people become actuaries.
With a career as an actuary continuing to remain popular, here are some reasons why students want to work in this field.
1) Passionate about maths
As actuarial science is a numbers-oriented field, all aspiring actuaries should be interested in numbers. This is usually the main reason why students want to become an actuary. As an actuarial student, you’ll be joining other individuals who are passionate about maths.
The Cashless Society Working party’s interim paper on “Benefits, risks and issues” explored the mechanics of Negative Interest Rate Policies. A number of countries have implemented NIRP, as well as other unconventional monetary policies.
What have we learnt to date? This addendum complements formal studies mostly dating from late 2017, with relevant news reports on 2018 Q1 and Q2 developments and commentaries:
In the past year our member’s support has enabled the Institute and Faculty of Actuaries (IFoA) to deliver over 170 events, conferences and webinars, launch our Lifelong Learning offering and ensure our voice was heard on relevant issue at the heart of policy making; on Government Select Committees, in key policy consultations and our
Cyber risk is routinely cited as one of the most important sources of operational risks facing organisations today. Further, in recent years, cyber risk has entered the public conscience through highly publicised events involving affected UK organisations such as TalkTalk, Morrisons and the NHS. Regulators and legislators are increasing their focus on this topic, with GDPR a notable example of this.
Chloe Hung, Amazon best-selling author, describes in her own experiences, some of the best things about being an actuary.
Actuarial science may be a challenging field to pursue but I’m glad I made the decision to pursue it. It’s a profession that truly rewards students who work hard.
Climate change has risen up the financial sector’s agenda. Motivated by concerns that climate-related risks pose a threat to the stability of the global financial system, the Financial Stability Board created the Taskforce on Climate-related Financial Disclosures (TCFD) to encourage better disclosures and facilitate better market pricing. The TCFD has recommended that companies and investors use scenario analysis to understand climate-related risks and opportunities.
The introduction of pension freedoms in 2015 has had profound implications for how people can access their pensions savings.
However, to date there has been limited consensus around how best to build pre-retirement lifestyling strategies, and post-retirement drawdown products, in the light of this new environment. More fundamentally, is it still appropriate to have such a rigid dichotomy between “working” and “retired” phases of life?
Other actuary news
Added: Mon, 03/09/2018 - 17:15India's Employees' Provident Fund is now one of the world's 20 largest pension funds, with emerging markets continuing to grow in prominence on the global stage.
Added: Mon, 03/09/2018 - 14:11Just one-quarter of institutional investors worldwide consider sustainability to be a significant influence on their decision-making, new research from Schroders has found.
Added: Fri, 31/08/2018 - 16:20The vast majority of UK adults back government plans to overhaul the way victims of road accidents claim compensation for personal injuries, a new survey has found.
Added: Fri, 31/08/2018 - 14:09The UK government should abolish pension tax relief and replace it with bonuses on individual and employer saving contributions, the Centre for Policy Studies (CPS) has said.
Added: Thu, 30/08/2018 - 18:17More than eight in ten pension investment managers and trustees would like to use a checklist provided by The Pensions Regulator (TPR) during the tender process for fiduciary managers and consultants.
Added: Wed, 29/08/2018 - 17:12Shares in the world's largest fossil fuel firms have outperformed stocks in the 200 companies making most revenue from clean energy, new data reveals.
Added: Wed, 29/08/2018 - 16:50UK workers joining the public sector today will retire with a pension three times larger on average than those entering the private sector, new research reveals.
Added: Wed, 29/08/2018 - 16:30Four in five business executives have at least started planning blockchain initiatives for their companies, with a quarter of these already having live or pilot projects underway.
Added: Tue, 28/08/2018 - 12:30Half of British investors have seen their wealth decline since the UK voted to leave the EU back in 2016, compared with less than a fifth that have become richer.
Added: Fri, 24/08/2018 - 12:30A nationwide study has found that self-employed workers are ten times more likely to be without a private pension in the UK than people in traditional employment.