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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

There are currently no open consultations.  

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

24 January 2020

Proposal for a new CPD Scheme 

The IFoA are consulting on proposals to introduce a new CPD Scheme that would change our approach to continuing professional development.

17 December

2019

Proposal for the introduction of a new Actuarial Profession Standard APS X5: Compensation for professional Shortcomings The Institute and Faculty of Actuaries has launched a consultation on proposals to withdraw GN30: Compensation for Professional Shortcomings and replace it with a new APS implementing broadly the same requirements.

27 November

2019

APS X4: Social Security Programmes  The IFoA has published an 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).
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

  • Spaces available

    This webinar is intended to raise awareness of the shifting landscape of climate liability risk and what it means for actuaries, including how it impacts on their professional and legal duties. Presentations will cover the legal risks around climate change for investment consultants and actuaries advising DB pension schemes as well as consideration of climate risk for insurers.

  • Spaces available

    Climate change risks are likely to become material for many risk management and investment decisions. This will require to incorporate explicitly climate change in the tools used for risk management and investment decisions. At present existing climate change tools are often too crude for decision making.

  • Current Issues in Life Assurance (CILA) Webinar series

    Webinar Series
    15 July 2020 - 3 August 2020

    Spaces available

    CILA is one of the pre-eminent events in the annual 'Life' calendar. Due to COVID-19 we are running the programme as a series of webinars covering topics aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries and those who work in or advise on, the life assurance market in the UK and Europe.

  • Spaces available

    Current Issues in Life Assurance

    For annuity writers, a key challenge is the need to fund capital-consumptive new business strain (NBS) as a consequence of writing the business intended to fund future distributions.

    Reinsurance, investment strategy and capital provision all have roles to play. Here, we:

  • Spaces available

    Current Issues in Life Assurance

    Mortality in 2020 is now dominated by one thing, although – in our future-focused world – the pandemic is just one of many mortality considerations.  In this session, three well-regarded mortality/longevity specialists provide an overview of:

  • Spaces available

    Because of Covid-19, forecasters predict a severe recession in 2020, followed by a V or U-shaped recovery. This impacts both individuals and companies. However, compared to previous recessions, the impact on banks of higher credit losses should be mitigated to some extent by government actions. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    This session will provide an overview of the Population Health Management Working Party's research including defining impactability and impactability modelling, discussing some examples of specific modelling approaches, considering the practical challenges across the NHS as well as wider public perception and ethical issues.

  • Spaces available

    Many actuaries consider career opportunities in the Finance and Investment practice area after having started off in more traditional actuarial roles such as valuations, capital management or pricing. This session is aimed at helping actuaries to better understand roles in Finance and Investment and how they can fine tune their skills to pursue such careers.

  • Mortality and Longevity Webinar Series 2020

    Webinar Series
    22 July 2020 - 10 August 2020

    Spaces available

    Due to COVID-19, we are running this programme via a series of webinars commencing 22nd July.

    This webinar series will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity, and is designed to be very accessible to a broad range of experience.

     

  • Spaces available

    Predictive risk assessment and risk stratification models based on postcode-level consumer classification are widely used for life insurance underwriting. However, these are socio-economic models not directly related to health information. Similar to precision medicine, precision life insurance should aim to tailor policy pricing/reserving to the individual health characteristics of each client.

  • Spaces available

    As insurers look towards their internal model calibration process for 2020 final year financials and statutory returns, actuaries need to deal with the complexity of adequately modelling their business in 2020 and beyond. This discussion will look at what poor model selection and calibration could look like – using inappropriate historical data; using incorrect 2020 mortality data; inappropriate stochastic model recalibration (or lack thereof). What about being prudent vs setting a best estimate? How do you allow for tail risks during a tail risk event?  This is the fourth webinar in the Extreme Mortality Events series presented by Chair of the Life Board of the Institute and Faculty of Actuaries, Colin Dutkiewicz. 

  • Spaces available

    This webinar has been re-scheduled from its original date of the 1st July. Although ESG has many buyers across the asset allocation community, from pension funds to sovereign wealth funds, it still hasn’t found its place within the core asset management strategy desks where the money is actually invested. The problem as well as the opportunity is Fixed Income. Plenty of strategies exist for incorporating ESG within Equities, from screening, integration to a combination. ESG has picked up relatively quickly within Equities with rating,indices created using ESG factors. This talk will discuss how we price a quantifiable ESG credit risk premium and make it alpha worthy in a strategy. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    With the rising prevalence of dementia, how can we manage this risk effectively and can insurance do more? Matt Singleton, Ageing Lead at Swiss Re, will cover these topics and demonstrate how insurance could help people address their concerns.

  • Spaces available

    Current Issues in Life Assurance

    This talk will look at a range of such techniques (e.g. mass lapse risk transfer, contract boundaries, risk margin relief, non-standard longevity risk transfer) that have been applied or considered by UK and EU insurers, and the pros and cons of each.

     

  • Spaces available

    Current Issues in Life Assurance.

    The International Association of Insurance Supervisors announced on 14 November 2019 the adoption of v2.0 of the global Insurance Capital Standard (ICS) which will undergo confidential reporting for 5 years starting from 2020. This session will include specific experiences from Legal and General (L&G) as well as global industry perspectives from EY.

  • Spaces available

    Current Issues in Life Assurance

    This session will cover the PRA supervisory statement on financial impacts related to climate change, industry insights into PRA climate risk business plans, examples climate risk strategy setting out key workstreams and activity steps for successful execution, an overview of a climate risk strategy execution timeline and the future.     

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. Using new and unique research and data from the UK, US, Sweden and China, this presentation investigates how consumers use the internet through their insurance journey and analyzes the role culture and generation plays in their online behaviour. We use this research to show the online landscape for insurance sales in the UK and suggest ways to shape new products and effectively engage with the consumer who is buying them.

  • Spaces available

    Chief Medical Officer (CMO) for Gen Re Life/Health Research and Development, Dr John O'Brien, will discuss the impacts of Gene Modification for life/health insurance. 

  • Spaces available

    As an industry, it has been important to be able to look to the future to identify the next quantifiable risk. In this session, I will explore some of the less tangible, but none-the-less concerning risks to future health, such as the health risks associated with exposure to pesticides, ingestion of plastic in the food chain, and the hazards of indoor air pollution through exposure to volatile organic compounds.

  • Spaces available

    The working party will help the industry to update and enhance how potential risk from diabetes and excess mortality is considered, including the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. Modelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. 

    The insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC.