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Katy Little, Policy and Public Affairs Assistant, looks at Boris Johnson's new Cabinet and how this will impact on the IFoA's policy work.
Earlier this year, the Cashless Society working party engaged with the "Access to Cash” review and attended its first roundtable. Recently, one of its members also attended a Payment Services Regulator led event focused on reviewing the structure of the Link interchange fees. Moreover, its “Cashless Society in 2018” paper has been attracting interest, notably as supporting material for a House of Commons session in May about financial exclusion and access to cash.
In the second of our series on the work of the IFoA’s Practice Area Boards, Martin Noble, outgoing Chair of the IFoA’s General Insurance Practice Area Board, sets out recent achievements and his ambitions for the Board.
Other blogs in this series:
Voting members of the Institute and Faculty of Actuaries (IFoA) are called upon to vote on the election of the following individuals as Honorary Fellows nominated in 2018. These nominees are held by Council to have given service to the actuarial profession, directly or through achievements in related fields.
How to vote
In response to feedback in the 2018 membership survey, subscription rates for Fellows and Students have been reduced for 2019/2020 to offer greater value for IFoA members.
The new rates are as follows:
- Fellow £715 (down from £730)
- Fellow (partial) £360 (down from £365)
- Students £236 (down from £241)
Other membership categories will be frozen at 2018/2019 levels for the next year and practising certificate fees will also be unchanged.
Congratulations to all our recent qualifiers on their new status as Associates, Fellows and Chartered Enterprise Risk Actuaries.
To celebrate your success your names have been published in Friday 26 July's copy of The Times newspaper.
View the qualifiers lists:
In this blog, Dr Mark Farrell FIA, discusses the challenges faced by today’s graduates and the skills they need to meet the rapid changes in the actuarial profession.
Watch this space for the Pensions Board end of session report 2018/2019.
Watch this space for the Finance and Investment Board end of session report 2018/2019.
There is a “climate emergency” and it poses material financial risks that could threaten the security of members’ benefits. My contention is that significant pension funds should be obliged to publically disclose how they are managing their climate-related financial risks. They can do this by making available to the public their report and accounts, and, where not already covered by this document, disclosures showing the extent to which they have followed the recommendations of the FSB TCFD.
Other actuary news
Added: Thu, 29/08/2019 - 12:40A quarter of UK citizens will be aged 65 or over by 2050, up from around one in five today and one in six back in 1998, the Office for National Statistics (ONS) has predicted.
Added: Wed, 28/08/2019 - 12:00Guaranteed Minimum Pensions (GMP) equalisation has soared up the 'to-do list' for pension professionals in the UK following a landmark Lloyds case late last year.
Added: Tue, 27/08/2019 - 11:41UK motor insurers paid out 8.6% more per claim in 2018 on average than they did the previous year, and these costs are set to rise further amid Brexit uncertainty.
Added: Fri, 23/08/2019 - 12:55Cyber security breaches will increase by nearly 70% over the next five years and cost businesses around $5trn (£4trn) annually, up from approximately $3trn today.
Added: Thu, 22/08/2019 - 13:48Almost three-quarters of institutional investors believe it is important for them to have direct and regular contact with fund managers, a global study has found.
Added: Wed, 21/08/2019 - 16:00Warranty and indemnity (W&I) insurance claims have increased hugely in recent years amid a growing number of mergers and acquisitions (M&A), research from Marsh has found.
Added: Tue, 20/08/2019 - 16:20The UK's state pension age is unsustainable and should be raised to 70 by 2028 and 75 by 2035, the Centre for Social Justice (CSJ) think tank has recommended.
Added: Mon, 19/08/2019 - 14:45More than two out of five UK drivers are unaware that they could save money by switching to telematics-based car insurance, a YouGov survey has uncovered.