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Monitoring consultation (closed Friday 28 September)

Your responses to our consultation on an enhanced system to promote the quality of actuarial work.

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

Des Hudson

Chair of the IFoA Regulation Board

 

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.

Download the original proposal

The IFoA’s proposed model of consultation has been created with member input and guidance from the outset. 
 

Download the full proposal
 

 

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