Current activities
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Title and Status |
Type | Description | Documentation |
|---|---|---|---|
|
Actuaries as experts in narrower fields:
Open to submissions |
Thematic Review |
The IFoA is reviewing actuarial advice on the financing of UK funeral trusts - seeking examples of annual or triennial valuations and other actuarial advice for Trust-Based Pre-Paid Funeral Plans. |
|
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Climate related risk Treatment of climate related risk in actuarial work, or wider actuarial influence in approach taken by firms to recognise and mitigate this risk.
Reviewing
|
Information gathering exercise |
Climate-related risks are systemic long-term risks that impact the work of actuaries in many areas. The 2017 IFoA Risk Alert called on actuaries to consider how these risks affect the advice they are providing. As a signatory to the Green Finance Education Charter, the IFoA is committed to report on progress in mainstreaming the principles and practice of green and sustainable finance. This information-gathering exercise will look at current practices adopted by actuaries across all practice areas in the treatment and assessment of climate related risk. |
Planned activities
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Title and Status |
Type | Description |
|---|---|---|
|
Equity release mortgage product design and pricing Actuarial role in technical aspects and fairness in product design and pricing.
Target launch Q3 2021 |
Thematic review |
The actuarial inputs to the design and pricing of equity release mortgages have a direct impact on long term financial products that are provided to the public. This is a broad and complex area utilising a wide range of actuarial skills including market and product knowledge, technical competency in areas such as option-pricing, property risk and longevity risk, as well as the requirement for clear communication. The review will look at current actuarial practice to understand the processes adopted and challenges faced when providing advice in this area. The review will also consider reserving approaches and the associated adherence to technical actuarial standards. |
|
Corporate pensions advice Advice given to sponsors (as opposed to trustees) in reaching agreement on actuarial valuations, investment strategy and on benefit design.
Target launch Q4 2021 |
Thematic review |
Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. Advice to sponsors may also affect the benefits payable to members. The range of advice in this area is potentially wider than the advice given to trustees, and may involve other professionals. The review will look at current practices adopted by actuaries in scheme funding, investment strategy (including settlement options) and benefit design. It will also cover the treatment of potential conflicts of interest. |
|
Actuaries as experts (in narrower fields) Actuarial roles acting in narrow, or less typical, fields of expertise and/or providing advice directly to individual clients or consumers.
Target launch 2022 |
Thematic Review |
Actuaries act as experts in a number of situations to help courts or individuals resolve disputes or quantify long-term liabilities. Although relatively few actuaries carry out these types of work, the impact on their users may be significant and the importance of clear and effective communication is critical. The review will look at current practices adopted by actuaries acting as experts in a range of areas including an analysis of the types of advice given. As noted above, the initial area of focus is Funeral Trusts. The next subject area will be announced in due course. |
Contact Details
For more information please contact the Actuarial Review Team
Level 2, Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA
Filter or search events
Events calendar
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TPR Climate Change Guidance Consultation
17 August 2021
Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri -
September 2021 - Exam Preparation Techniques Webinar
23 August 2021.
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Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them. -
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.
Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s 
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.