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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
17 July 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).

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 Members Reception, South Africa

    Terrace area, Garden Court Sandton City, Cnr. West & Maude Streets, Sandown, Johannesburg, 2196
    21 October 2019

    Spaces available

    We warmly invite you to join us for a drinks reception, with the opportunity to meet Marjorie Ngwenya, past President of the IFoA, and Ben Kemp, General Counsel.

  • CAA Global Event, South Africa

    Sandton Convention Centre, 161 Maude St, Sandown, Sandton, 2196, South Africa
    22 October 2019

    Spaces available

    CAA Global warmly invites you to join us for a networking reception at the ASSA lounge, with the opportunity to meet Ben Kemp, Director, CAA Global, Mike Mcdougall, CEO of ASSA, and Marjorie Ngwenya, Past President of the IFoA.

  • KSS Event – 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.

  • KSS Event – Equity Release Mortgages: The Irish Experience

    Room CM S.01 (Second floor, Colin Maclaurin Building, building 22 on the campus map.) Campus maps can be found at https://www.hw.ac.uk/uk/edinburgh/map.htm
    23 October 2019

    Spaces available

    This is a co-branded KSS/Heriot-Watt University event.  Equity release mortgages (ERMs), also called lifetime mortgages, have played an increasing role in generating income for retired home-owners.  As new liquidity rules have reduced the supply of bank lending, so insurers have stepped in, encouraged by generous regulatory treatment for annuity writers.

  • KSS event – 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 Sessional Meeting is now fully booked.

    Please click here to register on the waiting list.

    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.

  • SIAS Event: Introduction to the Mortality Research Steering Committee (MRSC)

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    5 November 2019

    Spaces available

    The MRSC is responsible for guiding the profession’s research in the areas of longevity, mortality and morbidity such that it is recognised as a thought leader in this area. It has recently been reviewing what the priorities and have identified 6 areas that we believe are the most important areas of research that should be the current focus and these are:

  • Spaces available

    On behalf of the International Actuarial Association’s (IAA) Banking Working Group, the Actuarial Society of South Africa’s (ASSA) Banking Committee and the Institute and Faculty of Actuaries’ (IFoA) Banking Member Interest Group, you are invited to participate in the upcoming webinar entitled Career opportunities in Banking: Retail and Group Risk.

    The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking, we have three actuaries sharing their experiences:

  • IFoA CPD Co-ordinators' Briefing

    Staple Inn Hall, High Holborn London WC1V 7QJ
    7 November 2019

    Spaces available

    The theme of this year’s annual briefing is: Lifelong Learning – providing continuous development for our members.

    This event is primarily for volunteer CPD Co-ordinators, who attend to represent their organisation. CPD Co-ordinators play a key role in effective engagement between organisations who employ our members and the Institute and Faculty of Actuaries (IFOA).

  • The challenges for AI in Autonomous driving – Professor Andrew Blake

    Royal College of Physicians of Edinburgh, 11 Queen Street, Edinburgh, EH2 1JQ
    11 November 2019

    Spaces available

    In conjunction with the Scottish Board and supporting the IFoA’s focus on data science.

    The IFoA’s Scottish Board have arranged for UK pioneer in Computer Vision and Machine Intelligence, Professor Andrew Blake to speak to delegates on the subject of AI in Autonomous driving. This lecture will focus on safety-critical operation and the computation of risk.  

  • 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.
  • Professional Skills Training - Edinburgh (14 November 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    14 November 2019

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • 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.

  • Professional Skills Training - London (20 November 2019)

    Staple Inn Hall, High Holborn London WC1V 7Q
    20 November 2019

    Spaces available

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • ARC Workshop: Modelling Socio-Economic Differences in English Mortality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 December 2019

    Spaces available

    Purpose
    The workshop will give participants detailed insights into how a large and detailed dataset can be used to assess levels of mortality inequality in England, using a number of novel statistical methods. We will also address the question: are regional variations in mortality real or imaginary?

  • Autumn Lecture 2019, London - Dr Kay Swinburne

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

    Fully booked.

    Change of Speaker Notification

    Thank you for registering for the IFoA’s 2019 Autumn Lecture event. As you know, we had originally invited the Rt. Hon Nicky Morgan to speak, however, her appointment to Government as a senior Minister means she has subsequently left her position as Chair of the Treasury Select Committee. Unfortunately, in her new role, she will no longer be able to speak at our event.

  • Autumn Lecture 2019: Live Streaming

    Webinar 
    2 December 2019

    Spaces available

    Change of Speaker Notification

    Thank you for registering for the IFoA’s 2019 Autumn Lecture event. As you know, we had originally invited the Rt. Hon Nicky Morgan to speak, however, her appointment to Government as a senior Minister means she has subsequently left her position as Chair of the Treasury Select Committee. Unfortunately, in her new role, she will no longer be able to speak at our event.

  • Professional Skills Training - Edinburgh (3 December 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    3 December 2019

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS Event: Discount Rates are Flawed

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

    Spaces available

    This talk will be given by Jon Spain who, as far back as 1983, has been working independently, trying to bring “long-term” back to UK actuarial thinking. His current focus is on discount rates (see discrate.com).

  • A holistic study into Cash flow Driven Investment

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    4 December 2019

    Spaces available

    Given that Cashflow Driven Investment strategy has attracted growing interests from pension funds and insurers at the backdrop of current market conditions and clients’ circumstances, the objective of this event is to gather thought leaders from asset managers, banks and insurers to offer attendees their perspectives and insights on main aspects of consideration when adopting this strategy.

  • Professional Skills Training - London (10 December 2019)

    Staple Inn, High Holborn, London WC1V 7QJ  
    10 December 2019

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Behavioural Finance Research Launch- 14 January 2020

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

    Fully booked.

    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 Tuesday 14th 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.

    This event is now full. Please register for the waiting list.

  • IFoA Volunteer Recognition Reception

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

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Professional Skills Training - London (16 January 2020)

    Staple Inn, High Holborn, London WC1V 7QJ
    16 January 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - Edinburgh (23 January 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    23 January 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • 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 actuaries with an interest in morbidity or mortality.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.