The objectives of the Working Party are:
- to consider the effects, benefits and problems that might emerge from a Cashless Society
- to learn from research already conducted and from experiences gained in other economic regions
- to publicise the findings of the working party internally within the IFoA by means of one or more of: i) a sessional paper, ii) presentations at actuarial conferences both home and abroad, iii) article for The Actuary or iv) other methods as deemed suitable
- If thought necessary, to widen the findings to a wider audience of interested parties
The Working Party will concentrate particularly on the UK however will draw on evidence emanating from developments in other countries/economic areas from their experiences both now and in the past.
Progress to date:
In phase 1, the working party delivered an interim paper that focused on general pros and cons of a cashless society, financial exclusion with an M-Pesa case study, Negative Interest Rates Policy, a stakeholder SWOT analysis, risks and issues of a cashless society, and a comprehensive chronicle of international developments for the topic in 2017. The working party presented a sessional event in January 2018.
In phase 2, the working party sets out to focus on a subset of topics with more rigour, including:
Economic impacts, financial stability and effects on Life insurance, pension funds and ALM managers.
Transition management with stakeholder engagement, legal & regulatory frameworks, APT tax and political willpower.
QR codes and relevant technology developments.
Central Bank Digital Currencies and Capital market potential for digital currencies.
The above sessional took place at Staple Inn on 22nd January 2018 - view the video
|Chair: Ian Collier|
- 9 November 2017
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If you want more information about this research working party please contact the Communities Team.