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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.

Actuarial Monitoring Scheme Update From Regulation Board

In December 2018, we published the feedback received in response to our consultation, “Proposals for an Enhanced System to Promote the Quality of Actuarial Work”, issued in June 2018.

As you may recall, the consultation set out Regulation Board’s proposals on the need for an Actuarial Monitoring Scheme (AMS) to draw evidence-based conclusions as to the quality of the work of IFoA Members and their compliance with standards, and ensure that its regulatory activities are appropriate and effective.

These proposals form an important part of a professionalism framework designed, through carefully balanced interventions and support, to provide evidence of the quality of actuarial work and to promote best practice. This will serve to safeguard the reputation of the profession, drive appropriate standards and best serve the wider public interest.

We have now completed our careful review and analysis of the consultation responses and of course the recommendations of the Kingman review. We have also had the benefit of follow-up discussions with a number of organisations who responded to the consultation, in order to obtain more insight into their concerns, and to explore possible alternatives suggested. This programme of outreach continues.

As we said in our note published in December, the consultation elicited a range of views, some  supportive but others raising a number of concerns, particularly in relation to the proportionality and practicality of the Category A proposal (relating to the specific monitoring of the work of Practising Certificate holders). 

Since we published the feedback from Members, Sir John Kingman’s independent review of the FRC (The Kingman Review) has also published its report of findings and recommendations. At this stage there is not yet clarity on what changes will arise as a result in terms of UK actuarial regulation.  

After considering the consultation responses, reflecting further upon the proposals themselves and recognising the current uncertainty surrounding the implications of the Kingman Review, Regulation Board has concluded as follows.

  • Regulation Board, like many Members and others who responded to the consultation, supports the principle of appropriate monitoring, and the important objectives the original proposals sought to address.
  • We will proceed with the introduction of Thematic Reviews (‘Category B’) and Information and Data Gathering activities (‘Category C’), broadly as proposed. This will include an initial review of the scheme following the first thematic review as well as continued scheduled reviews.  The outcome of these reviews will be used to continuously improve, and, if necessary, adapt the Scheme, to ensure that those forms of monitoring are working effectively.
  • Further work should be done to explore possible alternative approaches to the monitoring that was proposed specifically in relation to the work of IFoA Practising Certificate Holders (‘Category A’). This work will be carried out throughout 2019 and the outputs communicated to Members. 

In the coming months, Regulation Board will therefore focus on the implementation of a meaningful programme of thematic reviews, establishing a professional Actuarial Monitoring Scheme designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to Members and their employers and promote ongoing reinforcement and continuous improvement. This programme will allow us to consider, in time, issues of relevance to Members across the profession, wherever they are practising.

We also intend to continue our engagement with Members and organisations employing Members to obtain more insight into their concerns and explore possible alternatives not least as we respond to the post Kingman agenda. This dialogue has proven to be very helpful to our thinking and we would like to continue to engage with as many Members as possible in the coming months.

We look forward to engaging further with you on this important topic, directly and via the IFoA website, newsletters, conferences and events later this year.

I would also like to emphasise again our sincere gratitude to all who responded to the consultation and to those who took part in the meetings and events that were held throughout and following the consultation period.

Thank you very much indeed for your considered comment, suggestions and support. 

Desmond Hudson
Chair of Regulation Board, IFoA
 

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

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Events calendar

  • Data Science: Opportunities for Actuaries

    The IFoA's first virtual event   
    26 February 2019 - 29 March 2019

    Spaces available

    The IFoA are launching their first virtual conference on the topic of Data Science, that is free to attend. This is an exciting and forward thinking move to reach members all over the world and to share knowledge and discuss developments and techniques within data science.

  • Highlights of the Life Conference 2018 - Edinburgh

    Apex Grassmarket Hotel, 31-35 Grassmarket, Edinburgh EH1 2HS
    19 March 2019

    Spaces available

    This one day seminar is suitable for those who could not attend last year's annual Life Conference in Liverpool, but want to see the highlights. Having reviewed session feedback, the Conference Committee have now put together a high-quality technical programme.

  • KSS event - FinTech and The Actuarial Profession

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    20 March 2019

    Fully booked.

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020. The event is now full. However if you wish to join the waiting list, please contact Ji-Hyang.Lee@barnett-waddingham.co.uk

  • IFoA’s Diversity Advisory Group: The Power of Deep Listening

    Aviva, The Agora, Level 2B, St Helens, 1 Undershaft,  London EC3P 3DQ
    21 March 2019

    Spaces available

    8th March is International Women’s Day. The IFoA’s Diversity Advisory Group will be facilitating a session later in March as part of this celebration. Subject to availability. All members are welcomed. Please contact Susan Hunter Jones (susan.hunterjones@aviva.com) to register for the session.

  • WCA event – The cost and value of pensions

    Woolf College Lecture Theatre Canterbury CT2 7BQ
    27 March 2019

    Spaces available

    The cost of pensions is a regular source of debate. But how should pensions be valued? And how has this value changed over times? Paul Sweeting will discuss how these questions can be answered, and their relevance to the current pensions issues.

    To book please email Mark Heller M.Heller@kent.ac.uk

  • SIAS Event: Mortality Improvements Outlook 2019+

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 April 2019

    Spaces available

    The CMI Mortality Projections Committee will lead a discussion on mortality projections and how they can be modelled in CMI_2018, including:

    • Recent mortality, and how current improvements vary between different population
    • Long-term prospects for mortality improvements
    • The pace of convergence to the long-term rate
  • Webinar – So You Want to be a NED?

    WEBINAR After registration, you will receive an email confirmation with details on how to access the webinar from your PC, laptop, tablet or mobile.
    3 April 2019

    Spaces available

    Are you considering becoming a NED? Join our facilitated webinar where a panel of experienced NEDs will discuss:

    How you can get started • What qualities and skills are needed to be a NED • What learning and development requirements do you need • Where you can find the necessary resources to build your skills • How a NED role can expand your thinking • How it can enrich your working experience and career • The benefits to being a NED

  • UK Bodily Injury Claims Settlement Framework

    Staple Inn Hall, High Holborn London WC1V 7QJ
    9 April 2019

    Spaces available

    Amid significant UK political uncertainty, the bodily injury settlement framework has continued to make progress. At the time of the Ogden discount rate change of early 2017 and throughout that year, Staple Inn was host to a set of events to discuss the changes and the subsequent MOJ review.

  • Professional Skills Training - London (16 April 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    16 April 2019

    Fully booked.

    Please register here to join the wait list

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • TIGI 2019 (Technical Issues in General Insurance)

    Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE
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  • Professional Skills Training - Edinburgh (30 April 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    30 April 2019

    Spaces available

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • IFoA Asia Conference 2019, Chengdu

    Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu
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    IfoA Logo for eventsOffering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.

  • CILA 2019

    30 Euston Square, London NW1 2FB
    14 May 2019

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  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    15 May 2019

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    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond.  The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book please email Dawn.Neil@willistowerswatson.com.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 West Regent Street Glasgow G2 1RW
    16 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond. The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book a place please email Dawn.Neil@willistowerswatson.com

  • Risk and Investment Conference 2019

    Amba Hotel, Charing Cross, Strand, London WC2N 5HX
    20-21 May 2019
    Spaces available

    This year's Risk and Investment Conference will be taking place at Amba Hotel, Charing Cross, London.

    To book your place click here.

     

  • Sessional Research Event - Saving for Retirement: Rules of Thumb

    Staple Inn Hall, High Holborn London WC1V 7QJ
    20 May 2019

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    How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it.

  • NED Event: Behavioural Finance and Boards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    18 June 2019

    Spaces available

    Substantial work has been undertaken in the field of behavioural finance to explore the psychological factors affecting investment decisions made by individuals.  In contrast, “behavioural” factors (such as politics or human psychology) affecting decisions and actions made by institutional investors, such as insurers or pension schemes, are less understood.

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
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    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

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    CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry.