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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. The IFoA has commissioned research through its Actuarial Research Centre (ARC) into how institutional investors make investment decisions which is due to be completed this year. These results could be significant for investment committees of insurance companies and pension schemes.
Behavioural Economics has been at the forefront of the FCA’s approach to regulation since its formation in April 2013. Therefore it should be on the radar of every FCA regulated firm. The consequences of behavioural economics being part of the FCA’s tool kit are far-reaching and an important area for NEDs and senior executives to consider. Areas for discussion include:
- product design, marketing, and customer service - fair and unfair practices
- staff and management behaviour
- board decision making
This event could be significant for product design teams, investment committees of insurance companies and pension schemes, and of course NEDs and Boards.
Dr Greg B Davies, PHD will be Chairing this event.
Greg is a specialist in applied behavioural finance, decision science, impact investing, and financial wellbeing. He started the banking world’s first behavioural finance team at Barclays in 2006, which he led for a decade. In 2017 he joined Oxford Risk to lead the development of behavioural decision support software to help people make the best possible financial decisions. Greg holds a PhD in Behavioural Decision Theory from Cambridge; has held academic affiliations at UCL, Imperial College, and Oxford; and is author of Behavioral Investment Management.Greg is also Chair of Sound and Music, the UK’s national charity for new music, and the creator of Open Outcry, a ‘reality opera’ premiered in London in 2012, creating live performance from a functioning trading floor.
This event will have three segments followed by general Q&A and discussion.
- Kathy Byrne will introduce the history and current status of actuaries’ exploration of behavioural influences on decision-making, particularly by customers
- Stephen Davidson will introduce ‘Better Boards’ research commissioned by Aon on how boards – of companies or pension trustees or other – can take advantage of behavioural awareness to make better decisions.
- Finally, Leo Cohen and Katherine Shipton will explain the methodology and conclusions of a major research project funded by the IFoA’s Actuarial Research Centre on behavioural influences on investment decision-making.
17:00 – 17.30
17.30 – 19.00
19.00 – 19.30
Chair – Greg Davies
Speakers – Kathy Byrne, Katherine Shipton, Stephen Davidson and Leonardo Cohen
Staple Inn Hall, High Holborn, London, WC1V 7QJ
Nearest Public Transport
Chancery Lane Station