Announcing a consultation on proportionate, appropriate monitoring of actuarial work

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, however it should be noted that the consultation itself has closed. 

Proposal overview

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.

Des Hudson

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. 
 

Download the full proposal
 

Take part in the consultation

This consultation has now closed. 

 

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.

Stephen Haddrill

FRC Chief Executive

Consultation Meetings

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&section=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.

Consultation Meeting (Insurance) - Staple Inn - 24th July 2018

Consultation Meeting (Pensions) - Staple Inn - 25th July 2018

Explore the proposal