Your opinion matters - Consultation on revised APS P1
The Institute and Faculty of Actuaries has launched a consultation on proposals to introduce a revised APS P1 on Duties and Responsibilities of Members undertaking work in relation to pension schemes. The current APS P1 (Version 2.0) sets out specific practice area ethical obligations that apply in addition to the Actuaries’ Code, for Members operating in the pensions area.
The proposed revised version of the APS (Version 3.0) provides a more stream-lined and clearer standard for Members operating in pensions, clarifying Member’s responsibilities with less prescriptive wording. Additionally, there is a proposed extension in scope to those advising the employer of a pension scheme, and clarification in the new version that in-house actuaries are also covered.
The consultation will close on 7 January 2021.
Take part in the online consultation
We encourage you to read the proposals and give us your views.
Previous regulatory communications
This listing of previous regulatory communications is divided into general and practice area specific sections in date order.
|20 August 2020||The IFoA has published a document 'Standard Setting at the IFoA' to provide information for members, users of actuarial services and the public about the IFoA’s framework of professional standards and to ensure transparency around the principles adopted in relation to standard setting at the IFoA.|
|20 August 2020||Withdrawal of GN30 and introduction of new APS X5: Compensation for professional shortcomings||The IFoA has published a new standard APS X5 which will come into force on 20 November 2020. APS X5 replaces GN30 and requires Members who are Principals in organisations that provide actuarial work to external clients, to have in place measures relating to compensation of clients, or alternative arrangements relating to liability, for loss caused by professional shortcomings.|
|16 July 2020||General Insurance Pricing Thematic Review launched||The IFoA Review Team has launched the General Insurance Pricing Thematic Review. This will focus on actuarial involvement in pricing for UK Home and Motor insurance in order to understand the role of actuaries in this key area of work.|
|18 June 2020||New CPD Scheme finalised||The new CPD Scheme for members of the IFoA has been published following a successful consultation.|
|22 April 2020||Risk Alert COVID-19||The Institute and Faculty of Actuaries (IFoA) has today (22 April) issued a Risk Alert on points for actuaries to consider in relation to COVID-19.|
|2 March 2020||Thematic Review Programme – Actuarial Factors in Pension Schemes||We are pleased to announce the launch of our first review, under the Thematic Review Programme initiated in September 2019. The review will look at examples of actuarial advice provided during the review of transfer values and commutation rates for UK private pension schemes.|
|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.|
|19 March 2019||APS X1: Minor amendment||Minor amendment to standard APS X1 Applying Standards To Actuarial Work|
|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.|
|20 April 2018||APS X3: Revised standard||Revised Standard: APS X3 The Actuary as an Expert in Legal Proceedings|
|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.|
|1 August 2017||Revised Standards come into effect on 1 September 2017||Revised Standards come into effect on 1 September 2017:
APS G1: The Chief Actuary in Non-Life. Version 2.0
APS L2: Duties and Responsibilties of Life Assurance Actuaries. Version 3.0
|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.|
|29 March 2017||TAS 100: Prinicples for Actuarial Work||On 16 December 2016 the Financial Reporting Council (FRC) published its new framework of technical actuarial standards (TASs), which will come into effect on 1 July 2017. The framework includes a new high level standard, TAS 100: Principles for Actuarial Work (TAS 100), which replaces the three existing Generic TASs on data, modelling and reporting (TAS D, TAS M and TAS R).|
|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.|
|16 December 2016||APS X1: Applying Standards to Actuarial Work; and TAS 100: Principles for Actuarial Work||The Institute and Faculty of Actuaries (IFoA) and Financial Reporting Council (FRC) have today each published new professional standards that will come into effect on 1 July 2017.|
|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|
|30 November 2015||New Standard: Duties and Responsibilities for Actuaries Working for UK Trust-Based Pre-Paid Funeral Plans: APS Z1 Introduced||A new Actuarial Profession Standard (APS) relating to the duties and responsibilities of actuaries working for UK Trust-Based Pre-Paid Funeral Plans has been published by the IFoA and will come into effect on 1 January 2016.|
|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|
|8 July 2015||The Actuary and Activities Regulated under FSMA 2000||New Guidance on the Actuary and Activities Regulated under FSMA 2000 and the withdrawal of the IAN: The Actuary and Activities Regulated under FSMA 2000|
|16 March 2015||Withdrawal of APS P2, effective 1 July 2015||We can now confirm that there were no objections received to the withdrawal of APS P2 and that it will therefore be withdrawn, with effect from 1 July 2015.|
|10 March 2015||Implications of budget pension changes for pensions and life actuaries||Email to all members about pension changes|
|29 January 2015||APS X2: Review of Actuarial Work – Version 1.0, effective from 1 July 2015||Review of Actuarial Work: APS X2 Introduced and Proposed Withdrawal of APS P2|
|24 October 2014||APS X3: The Actuary as an Expert in Legal Proceedings - Version 1.0, effective 01.01.2015||The IFoA recently consulted upon a proposal to introduce a new Actuarial Profession Standard (APS) relating to actuaries instructed as expert witnesses or expert advisors in legal proceedings. We have now approved the introduction of the APS and accompanying Guide which will replace the existing Information and Assistance Note (IAN).|
|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.
|28 February 2014||Update: APS P2 (Pensions), APS G2 (General Insurance), APS L1 & APS L2 (Life)||APS P2: Compliance Review - Pensions - Version 1.1
APS G2: Actuarial Reporting for Lloyd's Syndicates writing US business - Version 1.1
APS L1: Duties and responsibilities of Life Assurance actuaries - Version 1.1
APS L2: The Financial Services and Markets Act 2000 (Communication by actuaries) Regulations 2003 - Version 1.1
|26 September 2013||Actuaries' Code (version 2.0) Update||The revised version of the Actuaries’ Code as published on 1 August 2013 takes effect on 1 October 2013.|
|15 February 2013||IAN: The Actuary as an Expert Witness (version 2.0) Update||For Actuaries who are considering accepting an appointment to act as an expert.|
|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
|18 November 2011||Practising Certificates Scheme||Email to all Fellows and Associates introducing the new Practising Certificates Scheme|
|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.|
|1 September 2011||Cross-practice Area Announcement||New TASs and Withdrawal of GNs (effective 1 October 2011) Update|
|14 April 2011||Standards Decision Tree Practising Certificates Scheme||Email to all members about the Standards Decision Tree|
|18 February 2011||Funeral Plans TAS Update||The Board for Actuarial Standards (BAS) has published a new Technical Actuarial Standard (TAS) covering work performed by actuaries for trust-based funeral plans (TAS FP).|
|2 December 2010||Amendments to GN09 and GN12||Amendments to GN09: Funding Defined Benefits (version 9.0)
and GN12: General Insurance Business - Actuarial Reports (version 5.0) Update
|15 November 2010||APS G2: Actuarial Reporting for Lloyd's Syndicates Writing US Business Update||This Actuarial Profession Standard replaces GN33 which will be withdrawn by the Board for Actuarial Standards from 15 December 2010.|
|1 September 2009||Presidents Endorse new Actuaries' Code Update||From 1 October 2009, any reference to the PCS in existing Guidance Notes maintained by the Profession or the BAS, should be read as referring to the Actuaries' Code.|
|1 November 2008||Re-adoption of Guidance Notes Update||Members will be aware that responsibility for Technical Standards passed to the Board for Actuarial Standards with effect from April 2006. As part of this process, the Profession transferred the responsibility for a large number of its Guidance Notes to the BAS on 19 May 2006.|
|30 November 2007||GN20 Update||Version 7.0 BAS amendment 1 of GN20: Actuarial Reporting under the Lloyd’s Valuation of Liabilities Rules|
|20 June 2007||Professional Conduct Standards Update||The Professional Conduct Standards (PCS), Version 3.0 which comes into effect on the 1st of August 2007|
|19 January 2007||BAS Standard Update||GN46: Individual Capital Assessment (version 2.0 BAS amendment 1) Update|
|20 December 2006||Actuarial Profession Standards Update||Due Process for approving Actuarial Profession (AP) Standards (effective 1 January 2007; version 1.0) Update
Protocol for Information and Assistances Notes (IANs) (effective 1 January 2007; version 1.0) Update
Due Process for Responding to Proposals from the IAA for International Actuarial Standards of Practice (IASPs) (effective 1 January 2007;version 1.0) Update
Enterprise Risk Management
There are currently no regulatory communications for this practice area.
Finance and Investment
|18 May 2016||Revised Standard: APS D1 Investment Related Business Activities for Authorised Professional Firms||APS D1: Investment Related Business Activities for Authorised Professional Firms version 3.0 has been issued with an effective date from 1 July 2016.|
|29 January 2013||APS D1: Investment Related Business Activities for Authorised Professional Firms (version 2.0) Update||For Actuaries involved in investment related business activities for authorised professional firms.|
|10 May 2012||Deletion of IAN : The Risks of Derivative Exposure Update||The IAN on The Risks of Derivative Exposure (version 1, published on 9 January 2009) has been deleted.|
|31 October 2009||APS D1 - Update||Version 1.0 of APS D1: Investment Related Business Activities for Authorised Professional Firms which comes into effect on 1 December 2009.|
|1 December 2015||New Standard: The Chief Actuary in Non-Life Insurance: APS G1 Introduced||A new Actuarial Profession Standard (APS) setting out the requirements for actuaries carrying out the statutory role of Chief Actuary for UK authorised general insurance companies and Lloyd’s syndicates has been published by the Institute and Faculty of Actuaries (IFoA) and will come into effect on 1 January 2016.|
|3 June 2011||Communication to members on ED 26 APS G3||Email to all members about Exposure Draft 26 on APS G3|
|30 October 2007||Actuarial Profession Standards (formerly known as MAP)||GN5: The Prudential Supervision Outside the UK of Long-term Insurance Business (version 3.1) Update
GN5: Letter from the Chairman of the Life Board Update
|27 December 2006||BAS Standards Update||GN44: Mathematical Reserves and Resilience Capital Requirement (version 2.0 BAS amendment 1) Update
GN45: Determining the With-profits Insurance Capital Component (version 2.0 BAS amendment 1) Update
GN46: Individual Capital Assessment (version 2.0 BAS amendment 1) Update
GN47: Stochastic Modelling of Economic Risks in Life Insurance (version 2.0 BAS amendment 1) Update
Health and Care
There are currently no regulatory communications for this practice area.
|1 December 2015||Revised Standard: APS L1 Duties and Responsibilities of Life Assurance Actuaries||A revised Actuarial Profession Standard (APS) setting out the requirements for actuaries carrying out the statutory role of Chief Actuary for long-term business in a Solvency II firm has been published by the Institute and Faculty of Actuaries (IFoA) and will come into effect on 1 January 2016.|
|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|
|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.|
|9 February 2016||Notice: Actuarial Certification of Bulk Money Purchase Transfers||Notice from Desmond Hudson, Chair of the Regulation Board.|
|9 January 2015||AS TM1: Statutory Money Purchase Illustrations – Version 4.1, effective from 6 April 2015||For Actuaries involved in the production of Statutory Money Purchase Illustrations (SMPIs).|
|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.|
|31 May 2013||APS P1: Duties and Responsibilities of Members Undertaking Work in Relation to Pension Schemes (version 2.0) Update||For Actuaries involved in Undertaking Work In Relation to Pension Schemes.|
|29 January 2013||AS TM1: Statutory Money Purchase Illustrations (version 3.0) Update||For Actuaries involved in the production of Statutory Money Purchase Illustrations (SMPIs).|
|20 January 2012||TM1 Statutory Money Purchase Illustrations (Version 2.0; 22 December 2011) Update||For Actuaries involved in the production of Statutory Money Purchase Illustrations (SMPIs).|
|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.|
|1 March 2011||New Pensions APS||APS P1: Duties and Responsibilities of Pensions Actuaries (effective 1 April 2011; Version 1.0) Update
APS P2: Compliance Review - Pensions (effective 1 April 2011; Version 1.0) Update
|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.|
|29 December 2009||GN48: Compliance Review - Pensions Update||Version 2.1 of GN48: Compliance Review: Pensions which comes into effect on 1 February 2010.|
|22 September 2008||BAS Standards - GN11: Retirement Benefit Schemes - Transfer Values Update||The Board for Actuarial Standards (BAS) has advised that the adopted Guidance Note GN11 “Retirement Benefit Schemes – Transfer Values” will be disapplied with effect from 1 October 2008, when the Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 SI 2008/ 1050 come into force.|
|25 March 2008||BAS Standards - GN19: Retirement Benefit Schemes Winding-up and Scheme Asset Deficiency Update||The revised version 4.8 will disapply GN19 to deficiency calculations carried out from 6 April 2008 onwards (the same day that new Deficiency Regulations from the DWP come into effect) and is effective from that date.|
|13 March 2008||Actuarial Profession Standards - GN29: Occupational Pension Schemes - Advisers to the Trustees Update||Version 7.1 of GN29: Occupational Pension Schemes – Advisers to the Trustees, which comes into effect on 31 March 2008.|
|31 January 2008||BAS Standards Update||GN09: Funding Defined Benefits - Presentation of Actuarial Advice Update
GN11: Retirement Benefit Schemes - Transfer Values Update
GN22: Disclosure - FSA Rules Update
|11 April 2007||BAS Standards Update||GN11: Retirement Benefit Schemes - Transfer Values (effective 30 December 2006; version 9.2) Update
GN19: Retirement Benefit Schemes - Winding-up and Scheme Asset Deficiency (effective 3 September 2005; version 4.7) Update
GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting-out (effective 29 July 2006; version 2.1) Update
GN49: Occupational Pension Schemes - Scheme Funding Matters on Which Advice of Actuary Must be Obtained (effective 30 December 2005; version 2.0) Update
GN51: Retirement Benefit Schemes - Modification of Subsisting Rights Without Consent (effective 6 November 2006; version 1.1) Update
Technical Memorandum (TM1): Statutory Money Purchase Illustrations (effective 1 November 2006; version 1.2) Update
|27 February 2007||GN29 Update||GN29: Occupational pension schemes - Advisers to the Trustees (effective 1 April 2007; version 7.0) Update|
|30 November 2006||GN48 Update||GN48: Compliance Review – Pensions (effective 1 January 2007; version 2.0) Update GN48: Covering Letter from the Chairman of the Pensions Board|
|3 October 2006||GN51 Update||GN51: Retirement Benefit Schemes - Modification of Subsisting Rights Without Consent (effective 6 November 2006; version 1.1) Update GN51: Covering letter from the Chairman of the Pensions Board|
|7 July 2006||GN28 Update||GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting Out (effective 29 July 2006; version 2.1) Update|
If you have any enquiries about regulatory communications please contact
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