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Regulatory communications and consultations

We issue communications and consultations to members about regulatory matters on a regular basis. We also seek the views of actuaries, their employers and other interested parties, including users of actuarial advice and regulators, on a range of consultation proposals and discussion papers.

Open consultations

17 April 2019

APS X4: Social Security Programmes 

The IFoA has published a proposal for Actuarial Profession Standard X4 (APS X4) which applies to actuarial work on the financial analysis of Social Security Programmes outside of the UK Geographic Scope. This standard adopts the terms of International Standard of Actuarial Practice 2 (ISAP 2), being the second model standard from the International Association of Actuaries (IAA).

The full consultation package is available to download. The closing date is 17 July 2019. 

Access the consultation survey

You can find information on previous consultatons by going to our closed consultations page. Our most recent consultation "Proposal for monitoring of the quality of actuarial work" closed at 12:00 on Friday 28 September 2018. For information relating to proposals for an Actuarial Monitoring Scheme please visit this bespoke page.

Previous regulatory communications

This listing of previous regulatory communications is divided into general and practice area specific sections in date order.

General Communications

Date Title Description
26 April 2019  JFAR: Risk Perspective The Joint Forum on Actuarial Regulation (JFAR) has published its latest Risk Perspective document, discussing public interest risks affecting actuaries. JFAR is chaired by the Financial Reporting Council (FRC) and comprises the FRC, IFoA, Financial Conduct Authority, the Pensions Regulatory and the Prudential Regulation Authority.
15 February 2019 Conflicts of interest, Speaking Up and Non-Executive Directors – Guides for Members The Institute and Faculty of Actuaries (IFoA) has today published revised guidance which will come into force from 18 May 2019 (at the same time as the new Actuaries' Code (“the Code”)). This includes the Conflicts of interest and Speaking Up Guides for Members, and a Guide for Members acting as Non-Executive Directors.
08 February 2018 JFAR: Risk Perspective The Joint Forum on Actuarial Regulation (JFAR) has published its latest Risk Perspective document, discussing public interest risks affecting actuaries. JFAR is chaired by the Financial Reporting Council (FRC) and comprises the FRC, IFoA, Financial Conduct Authority, the Pensions Regulatory and the Prudential Regulation Authority.
5 January 2018 Risk Alert: General Data Protection Regulation (GDPR) GDPR comes into force on 25 May 2018. While many organisations may already be well prepared, it is important that all Members are aware of how the substantial changes and increased obligations under GDPR may impact on their individual role within their workplace
23 November 2017 Risk Alert: Model Manipulation There are a number of risks associated with the use of models. Members must exercise care when using models to ensure that the rationale for selection of a particular model is sound and, in applying that model, it is not inappropriately used solely to provide evidence to support predetermined or preferred outcomes.
24 August 2017 FRC Annual Report and Accounts - Actuarial Appendix 2016/2017 The Financial Reporting Council's Annual Report relating to the IFoA's Regulatory Work and Forward Programme as part of the FRC Annual Report and Accounts 2016/2017
28 June 2017 New standard APS X1 in force from 1 July 2017 The IFoA’s new Actuarial Profession Standard (APS) X1 comes into force on 1 July 2017. This sets out principles for members to apply when determining the standards with which they ought to comply when carrying out actuarial work.  
12 May 2017 Risk Alert: Climate-related risks Actuaries should ensure that they understand, and are clear in communicating, the extent to which they have taken account of climate-related risks in any relevant decisions, calculations or advice.
4 February 2017 Risk Alert: Change to the discount rate for settling personal injury lump sum awards Members should be aware of the announcement by the Lord Chancellor about concluding the review of the Ogden discount rate and publishing the result. This change will affect most members working in General Insurance.
2 December 2016 Risk Outlook The Risk Outlook paper by the Regulation Board of the IFoA provides an analysis of the risks facing the public, as relevant to actuaries and their work.  It also sets out the IFoA’s thinking in relation to the mitigants to those identified risks, for example, the issuing of Risk Alerts.
30 June 2016 Risk Alert: Commutation Factors Risk alerts are designed to bring members' attention to topics which arise out of actuarial work which could impact on the public interest.
30 June 2016 Risk Alert: General Insurance Reserving Risk alerts are designed to bring members' attention to topics which arise out of actuarial work which could impact on the public interest.
July 2016 FRC Annual Report and Accounts - Actuarial Appendix 2015/2016 The Financial Reporting Council's (FRC's) Annual Report relating to the IFoA's Regulatory Work and Forward Programme as part of the FRC Annual Report and Accounts 2015/2016.
31 May 2016 JFAR Review: Group Think Paper published by the IFoA Regulation Board on behalf of the Joint Forum on Actuarial Regulation
9 February 2016 Notice: Actuarial Certification of Bulk Money Purchase Transfers Notice from Desmond Hudson, Chair of the Regulation Board
10 August 2015 The IFoA's Regulatory Work and Forward Programme 2014/15 Letter from David Childs to Desmond Hudson on the IFoA's Regulatory Work and Forward Programme
10 August 2015 The IFoA's Regulatory Work and Forward Programme 2014/15 Letter from Desmond Hudson to David Childs on the IFoA's Regulatory Work and Forward Programme
10 March 2015 Implications of budget pension changes for pensions and life actuaries Email to all members about pension changes
30 July 2014 The IFoA's Regulatory Work and Forward Programme 2013/2014 Letter from David Childs to Desmond Hudson on the IFoA's Regulatory Work and Forward Programme
29 July 2014 The IFoA's Regulatory Work and Forward Programme 2013/2014 Letter from Desmond Hudson to David Childs on the IFoA's Regulatory Work and Forward Programme
July 2014 Actuarial Standards.  A Statement by the Financial Reporting Council and the Institute and Faculty of Actuaries

This statement explains how the FRC and the IFoA carry out their different functions and responsibilities in relation to the
setting of standards for actuaries and sets out how each intends to develop these

2 July 2012 Conflicts of Interest Package

Email to all members about the new conflicts of interest package

21 November 2011

Professional Skills Training

Email to all members about the Professionalism Courses being introduced from Feb 2012.

FAQs on the new regime

10 October 2011

Conflicts of Interest Consultation Paper and Consultation Meetings

Email to all members about the Conflicts of Interest Consultation Paper and related meetings

14 April 2011

Standards Decision Tree

Practising Certificates Scheme

Email to all members about the Standards Decision Tree
18 November 2011 Practising Certificates Scheme Email to all Fellows and Associates introducing the new Practising Certificates Scheme

Enterprise Risk Management

There are currently no regulatory communications for this practice area.

Finance and Investment

There are currently no regulatory communications for this practice area.

General Insurance

Date Title Description
3 June 2011 Communication to members on ED 26 APS G3 Email to all members about Exposure Draft 26 on APS G3

Health and Care

There are currently no regulatory communications for this practice area.

Life Insurance

Date Title Description
10 June 2011 Communication to members on ED 27 APS L1 and ED 28 APS L2 Email to all members about Exposure Draft 27 on APS L1 and Exposure Draft 28 on APS L2

Pensions

Date Title Description
11 November 2016 APS P1 Information gathering exercise. Analysis of responses

Analysis of the responses to the IFoA’s information gathering exercise regarding compliance with the conflicts provisions of APS P1.

4 December 2013 Notice of information gathering exercise APS P1 Notice to all Scheme Actuaries about the information gathering exercise regarding compliance with the conflicts provisions of APS P1
1 April 2011 ACA tools for Pensions actuaries in complying with the TASs Note from the Professional Regulation Executive Committee drawing Pensions actuaries' attention to guidance from the Association of Consulting Actuaries on the FRC's TASs.
3 March 2011 Guidance to Scheme Actuaries in relation to PPF guidance on bulk transfers Guidance to Scheme Actuaries in relation to the Transfers Appendix to the 2011/12 Levy determination issued in December 2010 by the Pension Protection Fund.  It replaces the guidance issued in June 2010 in relation to the 2010/11 Levy determination.
17 February 2011 Withdrawal of adopted Pensions Guidance Notes Letter from Jim Sutcliffe, Chairman of the BAS regarding the withdrawal of the BAS-adopted Pensions Guidance Notes.
20 October 2010 GN48 and TAS compliance letter Letter from Sir Philip Mawer regarding GN48, GN9 and the TASs.

Contact Details

If you have any enquiries about regulatory communications please contact

regulation@actuaries.org.uk

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Events calendar

  • IFoA & PRI Webinar: TCFD – leaders and challenges

    Online webinar
    2 September 2019

    Spaces available

    In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva. 

  • SIAS Event: Climate Zero to Climate Hero

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 September 2019

    Spaces available

    An introductory session to help you get ahead with climate change.

    • Science, terminology and initiatives: handy facts to keep in your back pocket 
    • Getting your point across: how to influence people and avoid common traps and pitfalls
    • Taking action: what are actuaries expected to do...and what are we actually doing?
  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Professional Skills Training session (Jointly held with China Life)

    China Life Insurance, Beijing •  China Life Shanghai Office • China Life Shenzhen Office  
    6 September 2019

    Spaces available

    Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30

    The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.

    The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience. They will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do, the roles they see for actuaries and the skills actuaries can bring to the banking industry. They will share their experiences of how they got into banking as well as give their thoughts on how actuaries can enter the banking profession.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

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  • Chief Actuaries and Senior Life Actuaries Workshop 2019

    Staple Inn Hall High Holborn London WC1V 7QJ
    2 October 2019

    Spaces available

    This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.

  • The Future of the Actuarial Profession

    Staple Inn Hall, High Holborn London WC1V 7QJ
    3 October 2019

    Fully booked.

     

    Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.

  • Spaces available

    Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better? 

    It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.

  • RSS/IFoA Data Science Ethics: the role of practitioners

    Royal Statistical Society, 12 Errol St, London EC1Y 8LX
    7 October 2019

    Spaces available

    The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work. 
     
    Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics. 

  • GAD – the 100 year life (Edinburgh)

    KPMG  Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    22 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • GAD – the 100 year life (Glasgow)

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    24 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October.  The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters. 

  • ARC Event: Beyond Proportional Hazards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 October 2019

    Spaces available

    ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.

    This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.

  • Hot Topics in Health and Care: Networking and Drinks

    Staple Inn, 4 High Holborn, London WC1V 6DR
    4 November 2019

    Spaces available

    This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.

  • Autumn Pension Seminar

    Grand Connaught Rooms, 61-65 Great Queen St, Holborn, London WC2B 5DA
    13 November 2019

    Spaces available

    Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.

    • KSS event: How is Scotland’s population changing and what are the implications?

      Barnett Waddingham, 163 West George Street, Glasgow, G2 2JJ
      14 November 2019

      Spaces available

      The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:

      • population statistics
      • life expectancy
      • changes in age structure
      • birth and death rates, including causes of death statistics.
    • Life Conference 2019

      The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
      20-22 November 2019
      Spaces available

      The Life Conference is the premier event for professionals interested in life insurance.  Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.

    • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

      Lincoln's Inn The Treasury Office, London WC2A 3TL
      2 December 2019

      Fully booked.

      The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.

    • Autumn Lecture 2019: Live Streaming

      Webinar 
      2 December 2019

      Spaces available

      Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP. 

    • Behavioural Finance Research Launch- 14 January 2020

      Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR
      14 January 2020

      Spaces available

      We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.

    • Sessional: Impact of E-cigarettes Working Party

      Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
      24 February 2020

      Spaces available

      This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed an actuaries with an interest in morbidity or mortality.