The IFoA is incorporated by Royal Charter under which it has the role of regulating the actuarial profession, in the public interest.
Regulation of the actuarial profession in a way that promotes the public interest by holding Members to high standards of professional competency and conduct.
(The IFoA’s Regulatory Purpose)
The IFoA’s Regulatory Policy Statement sets out its approach to that regulatory role and the way in which the IFoA will give effect to its Regulatory Purpose.
All IFoA Members, wherever they are based, must comply with the Charter, Bye-laws, Rules and Regulations, as a condition of Membership. This is to ensure they meet standards of behaviour which other Members, and the public, might reasonably expect of a member of the IFoA.
The IFoA also gives effect to its regulatory role through core regulatory activities:
- Standards and guidance
- Examinations and qualifications
- Lifelong learning and continuing professional development
- Actuarial monitoring (thematic reviews)
- Practicing Certificates
- Professionalism training
- Professional Support Service
- Quality assurance scheme (QAS)
- Designated Professionals Body licensing (DPB)
- Enforcement and discipline
An Independent Regulatory Board, supported by specialist Committees, is responsible for the IFoA’s regulatory strategy and ensuring public confidence in actuaries. The Board publish meeting minutes and agendas, as well as an annual report which provides an overview of their work and upcoming plans.
All IFoA Members must comply with relevant standards issued by the IFoA and, where carrying out work within UK Geographic Scope, they must also comply with the Technical Actuarial Standards set by the Financial Reporting Council.
The Financial Reporting Council (FRC) also have a role in providing independent oversight of our work as a regulator in the UK and operate a separate actuarial public interest disciplinary scheme for actuarial cases that give rise to significant issues for the UK public interest.
Those arrangements with the FRC are set out in a Memorandum of Understanding between the IFoA and FRC.
The regulatory framework is enforced by an independent disciplinary process when an allegation is made about the conduct of a member.
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This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.
The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services.
This paper outlines key frameworks for reserving validation and techniques employed. Many companies lack an embedded reserve validation framework and validation is viewed as piecemeal and unstructured. The paper outlines a case study demonstrating how successful machine learning techniques will become and then goes on to discuss implications. The paper explores common validation approaches and their role in enhancing governance and confidence.
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
The IFoA Policy Briefing 'Can we help consumers avoid running out of money in retirement' examined the benefits of blending a lifetime annuity with income drawdown. Panellists, including providers and advisers, will look at the market practicalities of taking the actuarial theory through into the core advice propositions used by IFAs and Fund Managers. They will share a number of practical issues such as investment consequences before and after retirement and the level of annuity that is appropriate and answer questions from the audience.
The IFoA is pleased to be hosting the Governor of the Bank of England, Andrew Bailey, to deliver a speech on delivering policyholder protection in insurance regulation.
The speech will be presented to an in-person audience, and simultaneously live-streamed, at 14.00 on Wednesday 1st December.
This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace. Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular. We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?
Actuaries need to take action now - but how? With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.
Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.
The covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks. To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension. The approach permits the identification of seasonal variation, mortality shocks and late-reported deaths. The methodology also allows actuaries to measure portfolio-specific mortality improvements. Results are given for a mature annuity portfolio in the UK
In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.
The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.
With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.