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‘Acting in the public interest’. A complex and difficult topic to define and complicated to implement.

A lot of the IFoA’s energy goes into educating and regulating members.  This is executed exceptionally well by our quality staff and enthusiastic volunteers, but I want to focus on the IFoA’s influence on policy and public debate.  Three years ago, when I joined the Life Board, we would receive a consultation of some form – late.  We’d have a week to catch-up and produce something of sufficient quality to at least respond.  Thanks to the work of the IFoA Policy staff, and the Life Standards and Consultations Committee, we then got into a position of getting the consultations when they were issued.  The volume of work increased rapidly as our success meant we started to see these from many sources – PRA, FCA, EIOPA, DWP, TSC etc. 

But last year, under the Life Board leadership of Andrew Chamberlain, we got to the crest of the wave and have started to develop our own themes - to lead in selected areas of the development of the life insurance industry we serve.  Our key issues for the year ahead are vast and intricate: Solvency II, IFRS17, Brexit, monitoring actuarial practice, supporting our international members better.  All large topics requiring a careful balance of IFoA staff drive and member knowledge and experience.  We now have opinions and we aren’t afraid to express them.

Colin Dutkiewicz, Life Board Chair August 2018 - 2020