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Consultation on Practising Certificates (PC) Scheme Proposals

The Institute and Faculty of Actuaries (IFoA) is consulting on proposals for changes to its Practising Certificates (PC) Scheme, which is a key part of the IFoA’s UK regulatory framework.

The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.

The review identified a number of ways in which we believe the scheme can be improved to ensure that it is as effective, fair and proportionate as possible, including proposals that should make the process more efficient for applicants to do

The proposals would also change the IFoA’s approach to and process for determining the suitability of candidates for PCs.

The proposals would involve:

  • More emphasis on the initial PC application stage than on annual renewals;
  • The introduction of a competency-based criteria (rather than the current requirements for technical experience of particular work), and
  • Enhanced support for Members throughout the different stages of the PC process, including the pathway to being a PC Holder.

Stephen Mann, IFoA Chief Executive Officer says that: “being a PC Holder brings a mix of recognition, value and responsibility for specialist and senior roles. The proposed changes to the PC Scheme supports the IFoA’s commitment to providing value to its members and by modernising our key processes so that they remain effective but are pragmatic and easier for our members to experience. I also hope that the proposals further demonstrate that we listen to the feedback we get from members as to how the scheme can be improved, as well as to make it more user-friendly”.

 

All members, and non-members, views are invited. You can complete the questionnaire in the consultation package or on Survey Monkey. The consultation closes on 1 July 2021.

If you have questions around the proposals, please book a place on our webinars which are scheduled to be held on 27 May and 30 June 2021.

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    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.

  • Spaces available

    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.

  • Spaces available

    A joint webinar from the CMI Mortality Projections and SAPS committees that will cover: recent mortality experience in the SAPS dataset and the general population; the CMI Model benchmarking survey; the MPC 2021 interim update paper; plans for CMI_2021; and initial thoughts on possible "S4" Series pensioner mortality tables.

    The webinar will be presented by Cobus Daneel (Chair of Mortality Projections Committee) and Matthew Fletcher (Chair of SAPS Committee).

  • Spaces available

    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.

  • Spaces available

    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

  • Spaces available

    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.

  • Spaces available

    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.

  • Spaces available

    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.