You are here

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

Filter or search events

Start date
E.g., 20/02/2020
End date
E.g., 20/02/2020

Events calendar

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

    Event paper access code - C8F6256C

  • Spaces available

    In this webinar, members of the PRA’s Actuarial Function and other relevant technical specialisms will draw upon their experiences to lead a discussion on how those carrying out the actuarial and other functions can best engage with each other to ensure that a complete picture is presented to the Board.

  • SIAS Event: Actuaries in Non Traditional Fields Talk 1/3

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 March 2020

    Spaces available

    "Advising funeral trusts - avoiding the pitfalls and not getting burnt" 

    In response to our members feedback, for our 2020 programme we are planning 3 talks that explore the work the actuaries do in non traditional actuarial fields. The 1st talk in the trilogy will be presented by Graeme Muir and Nigel Sloan who will cover some of the issues you might need to think about if asked to advise a funeral trust or a similar body - neither pensions nor life assurance.

  • Spaces available

    Investors globally are embracing ESG but what does this involve and can ESG be measured? Louise Dudley, Global Equity Portfolio Manager at Hermes Investment Management will outline the taxonomy often used when talking about ESG (exclusion, screening, engagement, sustainable, impact, responsible investing), talk about the importance of stewardship and engagement, and showcase evidence to the question as to whether ESG adds va

  • KSS event: How is Scotland’s population changing and what are the implications?

    New Register House, 3 West Register Street, Edinburgh
    5 March 2020

    Spaces available

    The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:

  • Actuarial valuations to monitor defined benefit pension funding

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    9 March 2020

    Spaces available

    This paper addresses one of the fundamentals of actuarial practice: assessing the solvency of a defined benefit pension scheme. It is timely as The Pensions Regulator is reviewing its code of practice on funding, providing an opportunity for the actuarial profession to contribute to an important matter of public interest.

    Sessional paper access code: 56DF2B25

  • Highlights of the Life Conference 2019 - London

    America Square Conference Centre, 17, One Crosswall, America Square, London EC3N 2LB  
    11 March 2020

    Spaces available

    This event will cover the highlights from last year's Life Conference 2019 held in Dublin. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best-reviewed sessions from the conference. Book now to ensure your place.

  • Insurance Investment Roundtable (IFoA & PRA) - Register your interest

    Aviva, St Helens, 1 Undershaft, London, EC3P 3DQ
    11 March 2020

    Few spaces available

    The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.

    These roundtables are organised by the IFoA’s Finance and Investment Practice Board, supporting its members with access to relevant information on industry and regulatory developments. They have been attended by a diverse group of IFoA members, including insurance CIOs and Heads of ALM, actuarial and investment consultants, insurance asset managers, and investment bankers. 

  • Insurance Investment – Prudent Person Principle & CP22/19

    Aviva, St Helens, 1 Undershaft, London, EC3P 3DQ
    11 March 2020

    Spaces available

    At this event, Alan Sheppard (Head of Insurance Policy, Bank of England) will provide insight into the PRA’s oversight of insurance investment activity and the recent Consultation Paper on the Prudent Person Principle.

    The Finance & Investment Practice Board of the IFoA has hosted regular roundtable meetings with the Prudential Regulation Authority (PRA) covering best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.

  • Worshipful Company of Actuaries Lecture - Mortality Myths

    George Porter Lecture Theatre B University of Leicester University Road Leicester LE1 7RH
    18 March 2020

    Spaces available

    Jointly hosted by the Worshipful Company of Actuaries (WCA) and the Leicester Actuarial Science Society (LASS).

    Stuart McDonald, Head of Demographics at Lloyds Banking Group, will give us a mortality update, dispelling a few myths along the way!

     

  • Spaces available

    The IFoA and its Social Impact Investment Working Party are delivering a webinar to introduce social impact investing and explore the role of actuaries in this growing field. The presenters will use their international experience of this significant and growing market to:

    • clarify often confusing terminology
    • describe key trends, and
    • explore the ways in which actuaries can contribute in this field.
  • Board agenda: Why Responsible Investing, ESG, and Climate Change matters to Pension Funds, Companies

    Staple Inn, 4 High Holborn, Holborn, London. WC1V 6DR, UK
    19 March 2020

    Fully booked.

    Recent years have seen ESG, Climate Change, and Responsible Investing thrust onto the corporate agenda in every boardroom. The same also be said for pension funds. Expectations of how companies should respond are high and NEDs on Boards are expected to adapt and adjust their guidance to companies accordingly. What does this mean for Actuaries serving as NEDs and Trustees?

  • KSS event: A Cashless Society- Benefits, Risks, Issues and Developments

    Deloitte, 4th Floor, Saltire Court, 20 Castle Terrace
    19 March 2020

    Spaces available

    Speaker: Iain Collier, Chair of the CSWP

    The talk will look to cover the following: Progression towards a Cashless Society • Developments home and overseas • Benefits, Risks and Issues • Crypto Currencies and Central Bank Digital Currencies.

    There will be an extended Q&A session at the end of the event.

  • Professional Skills Training - Edinburgh (19 March 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    19 March 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Spaces available

    What are the advantages of using artificial intelligence (AI) in investing? What are the differences between traditional quant and AI? This new webinar, part of a series of four webinars leading to the annual Finance & Investment Conference 2020, discusses challenges and the future of AI in the investment sector.

  • Spring Lecture 2020: Live Streaming at Staple Inn - Vicky Pryce

    Staple Inn Hall, High Holborn, London, WC1 V 7QJ
    25 March 2020

    Spaces available

    This event will be live streamed from Edinburgh. 

    The Brexit Budget: What next for the UK economy? Please join us for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).

  • Spring Lecture 2020: Live Streaming

    Webinar
    25 March 2020

    Spaces available

    What next in Economic Policy? Please join us on 25 March 2020 for the live stream of our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).

  • Professional Skills Training - London (26 March 2020)

    Staple Inn, High Holborn, London WC1V 7QJ        
    26 March 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • SIAS Event: CMI Update

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    1 April 2020

    Spaces available

    Following the release of the updated CMI Mortality Projection Model, CMI_2019, the CMI Mortality Projections Committee will lead a discussion on future mortality improvements.

  • Current Issues in General Insurance (CIGI) 2020

    Hilton London Tower Bridge, 5 More London Riverside, Tooley St, London SE1 2BY
    22 April 2020

    Spaces available

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Professional Skills Training - Edinburgh (29 April 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    29 April 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Professional Skills Training - London (29 April 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    29 April 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Finance and Investment Conference 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    05-05 May 2020
    Spaces available

    Join us at this year’s Finance and Investment Conference in London that will focus on ESG. The environmental, social and governance (ESG) space is growing rapidly and increasingly moving centre stage. In many cases, it is now an essential part of policy and central to the way stakeholders make decisions for the long term to ensure retention of clients, manage risk better, and ensure more economically efficient and sustainable investment returns.

    ESG factors cover a wide range of areas reflecting how vital consideration of these factors are part of wider systemic risks.

  • Professional Skills Training - London (19 May 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    19 May 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Professional Skills Training - Edinburgh (19 May 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    19 May 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • CILA 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    20 May 2020

    Spaces available

    CILA is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in, or advise on, the life assurance market in the UK and Europe. The programme this year features a timely mix of hot topics including sessions on:

  • Protection, Health and Care Conference 2020

    The Grand Brighton, 97-99 Kings Rd, Brighton BN1 2FW
    02-03 June 2020
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations.

  • Mortality and Longevity 2020

    1 Birdcage Walk, Westminster, London SW1H 9JJ
    08-08 June 2020
    Spaces available

    This highly regarded seminar will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity.  The program is designed for life, pensions and health and care actuaries, academics, researchers, underwriters and related practitioners eager to learn about the latest developments in mortality and longevity.  The sessions are designed to be very accessible to a broad range of exp

  • Professional Skills Training - London (10 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ       
    10 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Professional Skills Training - Edinburgh (17 June 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    17 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Professional Skills Training - London (18 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ   
    18 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This 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.

  • Pensions Conference 2020

    Renaissance Manchester City Centre Hotel, Blackfriars Street, Manchester,M3 2EQ
    18-19 June 2020
    Spaces available

    Join us as this year’s conference that will focus on topics including  funding and savings, pension law current issues, ESG, the end game and transferring risk, investment issues, data visualisation and data science.

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    Join us at the IFoA Asia Conference 2020 at CCEC Nexus, Kuala Lumpur where intellectual thought leaders, senior industry players, opinion formers, academics, actuaries and non-actuaries from across Asia and beyond are expected to attend. This year's landmark conference promises to an exciting one as our first Asian President-elect, Tan Suee Chieh will, as newly appointed president of the IFoA, use his presidential address to highlight the two key pillars of the IFoA’s emerging strategy:

    • the reinvention of the profession in terms of its skillsets and mind-sets so that we can thrive in an increasing range of domains in a digital age;
    • the widening application of actuarial science in achieving social impact and sustainability goals.

    We are also delighted to announce that the Honourable Mr. Lim Guan Eng, Minister of Finance, Malaysia, will be the guest of honour at this year's conference.

    Early registration discount is now open until 1 March.  10% group discounts are offered to a minimum of six IFoA booking in a single transaction. This also applies to ASM members.  Limited spaces are available, so please sign-up early to avoid disappointment.