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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

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Events calendar

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience. They will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do, the roles they see for actuaries and the skills actuaries can bring to the banking industry. They will share their experiences of how they got into banking as well as give their thoughts on how actuaries can enter the banking profession.

  • KSS event – The Future of the Actuarial Profession with Alan Watson (Glasgow)

    Mercer, 5 George Square, Glasgow G2 1AR
    17 September 2019

    Spaces available

    This KSS talk will explore how the Actuarial Profession is changing by looking at the past, the current and the future; considering what will be the key issues impacting the Profession over the next 20 years and why this will be different from today. Why will areas like data science be important?  What does the future hold for reserved roles? What impact will the Profession have on other professionals?  And much more!

  • KSS event – The Future of the Actuarial Profession with Alan Watson

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    23 September 2019

    Spaces available

    This KSS talk will explore how the Actuarial Profession is changing by looking at the past, the current and the future; considering what will be the key issues impacting the Profession over the next 20 years and why this will be different from today. Why will areas like data science be important?  What does the future hold for reserved roles? What impact will the Profession have on other professionals?  And much more!

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GRIO 2019

  • The Future of the Actuarial Profession

    Staple Inn Hall, High Holborn London WC1V 7QJ
    3 October 2019

    Fully booked.

     

    Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.

  • Spaces available

    Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better? 

    It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.

  • RSS/IFoA Data Science Ethics: the role of practitioners

    Royal Statistical Society, 12 Errol St, London EC1Y 8LX
    7 October 2019

    Spaces available

    The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work. 
     
    Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics. 

  • SIAS Event: AGM and talk on a Monetary Approach to Economics

    Staple Inn Hall. High Holborn, London, WC1V 7QJ
    8 October 2019

    Spaces available

    The SIAS Annual General Meeting will commence at 5.45pm and be followed by a talk given by the well known economist and author, Steve Keen, at 6pm. A live webinar will be available. 

  • Career Event - Count Me In

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    10 October 2019

    Spaces available

    This event is aimed at school age young people to encourage then into the profession

    Join us and leading actuarial employers at our free Count Me In STEM careers event in London.  Find out more about a range of rewarding careers in actuarial science and how we are supporting and promoting diversity in the profession.

  • KSS Event – GAD: the 100 year life (Edinburgh)

    KPMG  Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    22 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • KSS Event – Equity Release Mortgages: The Irish Experience

    Heriot-Watt University, Riccarton campus.
    23 October 2019

    Spaces available

    This is a co-branded KSS/Heriot-Watt University event.  Equity release mortgages (ERMs), also called lifetime mortgages, have played an increasing role in generating income for retired home-owners.  As new liquidity rules have reduced the supply of bank lending, so insurers have stepped in, encouraged by generous regulatory treatment for annuity writers.

  • KSS event – GAD: the 100 year life (Glasgow)

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    24 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Sessional Meeting is now fully booked.

    Please click here to register on the waiting list.

     

    The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October.  The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters. 

  • ARC Event: Beyond Proportional Hazards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 October 2019

    Spaces available

    ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.

    This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.

  • Hot Topics in Health and Care: Networking and Drinks

    Staple Inn, 4 High Holborn, London WC1V 6DR
    4 November 2019

    Spaces available

    This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.

  • SIAS Event: Introduction to the Mortality Research Steering Committee (MRSC)

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    5 November 2019

    Spaces available

    The MRSC is responsible for guiding the profession’s research in the areas of longevity, mortality and morbidity such that it is recognised as a thought leader in this area. It has recently been reviewing what the priorities and have identified 6 areas that we believe are the most important areas of research that should be the current focus and these are:

  • The challenges for AI in Autonomous driving – Professor Andrew Blake

    Royal College of Physicians of Edinburgh, 11 Queen Street, Edinburgh, EH2 1JQ
    11 November 2019

    Spaces available

    In conjunction with the Scottish Board and supporting the IFoA’s focus on data science.

    The IFoA’s Scottish Board have arranged for UK pioneer in Computer Vision and Machine Intelligence, Professor Andrew Blake to speak to delegates on the subject of AI in Autonomous driving. This lecture will focus on safety-critical operation and the computation of risk.  

  • Autumn Pension Seminar

    Grand Connaught Rooms, 61-65 Great Queen St, Holborn, London WC2B 5DA
    13 November 2019

    Spaces available

    Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.

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

    Barnett Waddingham, 163 West George Street, Glasgow, G2 2JJ
    14 November 2019

    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:

    • population statistics
    • life expectancy
    • changes in age structure
    • birth and death rates, including causes of death statistics.
  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
    Spaces available

    The Life Conference is the premier event for professionals interested in life insurance.  Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.

  • ARC Workshop: Modelling Socio-Economic Differences in English Mortality

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

    Spaces available

    Purpose
    The workshop will give participants detailed insights into how a large and detailed dataset can be used to assess levels of mortality inequality in England, using a number of novel statistical methods. We will also address the question: are regional variations in mortality real or imaginary?

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Fully booked.

    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.

  • Autumn Lecture 2019: Live Streaming

    Webinar 
    2 December 2019

    Spaces available

    Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP. 

  • Behavioural Finance Research Launch- 14 January 2020

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR
    14 January 2020

    Fully booked.

    We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday 14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.

  • 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.