Welcoming your thoughts
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 proposed IFoA monitoring framework aims to deliver a targeted, risk-based mechanism by which to review compliance with actuarial standards, assess the quality of actuarial work, protect the public interest and support your profession and practice, while minimising the regulatory burden.
Here you will be able to gain an overview of the proposal, download the proposal in it’s entirety and take part in the consultation itself.
Former IFoA President, Jane Curtis explains the key points of the proposal and why we’re looking to introduce monitoring of actuarial work.
We consider profession-led regulation, serving the public interest and subject to independent oversight from the Financial Reporting Council (FRC), is best both for the profession and the public interest. We believe that this series of proposals will, if introduced, adapt and align the profession to meet the highest standards and public expectations for some time to come.
Chair of the IFoA Regulation Board
Download the full proposal
The IFoA’s proposed model of consultation has been created with member input and guidance from the outset.
Take part in the consultation
Your views will be critical in shaping how a monitoring system would be undertaken and how our already high standards can be enhanced.
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.
If you wish to claim CPD for watching these videos we would recommend that you view them at https://learning.actuaries.org.uk/course/view.php?id=352§ion=2, where you can claim electronically for watching them.
For members wishing to claim CPD for watching the videos on the website and reading the consultation document on the website or VLE, please claim CPD manually by logging into the My Account section of the website and select My CPD. Please ensure that you add a learning outcome to all manual claims as this will be used for verification in the event of a CPD audit.