Your thoughts on the monitoring of actuarial work
In June 2018 we informed our members about our proposal to introduce monitoring of actuarial work.
Building on our history of accountable self-regulation, subject to independent oversight and designed in consultation with practitioners, the IFoA proposed a monitoring framework which aimed to deliver a targeted, risk-based mechanism by which to review compliance with actuarial standards.
This proposal sought to assess the quality of actuarial work, protect the public interest and support your profession and practice, while minimising the regulatory burden.
The consultation closed in September 2018 and your responses have been collated here.
I am pleased to introduce the feedback received in response to the Institute and Faculty of Actuaries (IFoA) consultation paper, Proposals for an Enhanced System to Promote the Quality of Actuarial Work, issued by Regulation Board in June 2018
Chair of the IFoA Regulation Board
Former IFoA President, Jane Curtis explains the key points of the proposal and why we’re looking to introduce monitoring of actuarial work.
Download the original proposal
The IFoA’s proposed model of consultation has been created with member input and guidance from the outset.
We welcome the IFoA’s proposal to test the quality of its members’ work. Evidence of good quality will engender public trust in the actuarial profession whilst reports of good working practices will support continuous improvement in the public interest. We hope actuaries and other stakeholders will respond to the IFoA’s public consultation and play their part in shaping a system that is proportionate, modern and effective.
FRC Chief Executive
Two meetings were held in London to discuss the Pensions and Insurance aspects of the proposal.
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