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2017

Institute and Faculty of Actuaries (IFoA) consultation responses 2017.

The IFoA's focus is on responding to those consultations where actuarial expertise can inform debate, especially when the proposals will also directly impact on actuaries’ working lives and/or there are strong public interest issues involved.

As part of its commitment both to transparency and promoting the actuarial viewpoint on key issues, the IFoA places its responses to public consultations in the public domain.

IFoA Consultation Response  Date Organisation  Consultation IFoA contact
IFoA response to Treasury Committee - Household Finance Inquiry 22.12.17 Treasury Committee

Household finances: income, saving and debt inquiry

Catherine Burtle
IFoA response to Intergenerational Commission Call for Policy Solutions 15.12.17 Intergenerational Commission

The Intergenerational Commission’s second call for policy solutions

Catherine Burtle
IFoA response to DWP Consultation - The Occupational Pension Schemes Regulations 2018 30.11.17 Department for Work and Pensions

Bulk transfers of defined contribution pensions without member consent: draft regulations 

Philip Doggart
IFoA response to House of Commons Public Bill Committee’s Have your say on the Automated and Electric Vehicles Bill 14.11.17 House of Commons Public Bill Committee

Have your say on the Automated and Electric Vehicles Bill 

Matthew Levine
IFoA response to FCA CP17_26 - Individual accountability - extending the Senior Managers and Certification Regime to insurers 03.11.17 Financial Conduct Authority

CP17/26: Individual accountability - extending the Senior Managers and Certification Regime to insurers

Philip Doggart
IFoA response to FCA CP17_32 Quarterly Consultation _ Chapter 7 01.11.17 Financial Conduct Authority CP17/32: Quarterly Consultation Paper No 18 Steven Graham
IFoA response to FCA CP17_32 Quarterly Consultation _ Chapter 9 01.11.17 Financial Conduct Authority

CP17/32: Quarterly Consultation Paper No 18

Steven Graham
IFoA response to Work and Pensions Committee Pension Freedoms Inquiry 23.10.17 Work and Pensions Select Committee

Pensions freedoms inquiry

Rebecca Deegan
IFoA response to Justice Select Committee pre-legislative scrutiny draft personal injury discount rate legislation inquiry 16.10.17

Justice Committee

Pre-legislative scrutiny: draft personal injury discount rate legislation inquiry

Philip Doggart
IFoA response to MoJ Discount Rate - how should it be set 09.10.17 Ministry of Justice The Personal Injury Discount Rate: How it should be set in future- Draft Legislation Philip Doggart
IFoA response to FCA CP17_32 Quarterly Consultation - Chapter 6 PRIIPS Key Information Document and Personal Projections 02.10.17 Financial Conduct Authority

Quarterly Consultation CP17/32 - Chapter 6

Steven Graham
IFoA response to House of Lords EU Financial Affairs Sub-Committee Call for Evidence on Post Brexit Financial Regulations 29.09.17 House of Lords EU Financial Affairs Sub-Committee

Financial regulation and supervision - Lords Committee Inquiry

Matthew Levine
IFoA response to DWP Pension Protection Fund- draft regulations to take account of bridging pensions 29.09.17 Department for Work and Pensions

Pension Protection Fund: draft regulations to take account of bridging pensions

Philip Doggart
IFoA response to FCA CP17_18 Consultation on implementing asset management market study remedies 28.09.17 Financial Conduct Authority

CP17/18: Consultation on implementing asset management market study remedies and changes to our Handbook

Matthew Levine
IFoA response to PRA CP8_17 Strengthening accountability in banking and insurance optimisations to the SIMR, and changes to SMR forms 22.09.17 Prudential Regulation Authority

Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms

Philip Doggart 
IFoA response to EU Commission EU High Level Expert Group on Sustainable Finance 22.09.17 EU Commission EU High Level Expert Group on Sustainable Finance Matthew Levine
IFoA response FCA CP17_16 Advising on Pension Transfers 21.09.17 Financial Conduct Authority

CP17/16: Advising on Pension Transfers

Philip Doggart
IFoA response to FCA Retirement outcomes review- interim report 15.09.17 Financial Conduct Authority

Retirement outcomes review: interim report

Philip Doggart
IFoA response to Scottish Government Draft Provisions to enable courts to impose a Periodical Payment Order in respect of damages for personal injury

08.09.17

Scottish Government  Draft provisions to enable courts to impose a Periodical Payments Order in respect of damages for personal injury  Philip Doggart
IFoA response to DWP Automatic enrollment defined benefit alternative quality requirements and provisions for seafarers and offshore workers has been published 30.08.17 Department for Work and Pesnions

Automatic enrolment: defined benefit alternative quality requirements and provisions for seafarers and offshore workers

Philip Doggart
IFoA response to FCA GC17_5 Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers 15.08.17 Financial Conduct Authority GC17/5: Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers Steven Graham
IFoA response to PRA CP717 Solvency II Data collection of market risk sensitivities 07.08.17 Prudential Regulation Authority

Solvency II: Data collection of market risk sensitivities – CP7/17

Steven Graham
IFoA response to IAIS Revised Insurance Core Principles 13 Reinsurance and Other Forms of Risk Transfer 31.07.17 International Association of Insurance Supervisors

Public Consultation on ICP 13: Reinsurance and Other Forms of Risk Transfer

Steven Graham
IFoA response to FCA GC17/1: Changes to the way firms calculate redress for unsuitable defined benefit pension transfers 09.06.17 Financial Conduct Authority 

GC17/1: Changes to the way firms calculate redress for unsuitable defined benefit pension transfers

Philip Doggart
IFoA response to FCA CP17/7: Insurance Distribution Directive Implementation 02.06.17 Financial Conduct Authority

CP17/7: Insurance Distribution Directive implementation – consultation paper I

Philip Doggart
IFoA response to IAIS on ICP 12 and ComFrame material integrated with ICP 12 01.06.17 International Association of Insurance Supervisors

Revised Insurance Core Principles (ICPs) and ComFrame material integrated with ICPs

Steven Graham
IFoA response to HM Treasury on the Transpositon of the Insurance Distribution Directive 22.05.17 HM Treasury H M Treasury Transposition of the Insurance Directive Philip Doggart
IFoA response to DWP on the draft Occupational Pension Schemes (Employer Debt) (Amendment) Regulations 2017 18.05.17 Department for Work and Pensions The draft Occupational Pension Schemes (Employer Debt) (Amendment) Regulations 2017 Philip Doggart
IFoA response to ESA Public consultation on the operations of the European Supervisory Authorities 16.05.17 European Supervisory Authorities  Public consultation on the operations of the European Supervisory Authorities

Steven Graham

IFoA response to the Pension Protection Fund on the third PPF Levy Triennium - 2018/19 to 2020/21 15.05.17 Pension Protection Fund Consultation on the third PPF Levy Triennium 2018/19 to 2020/21 Philip Doggart
IFoA response to DWP Defined benefit pension schemes- security and sustainability 14.05.17 Department for Work and Pensions

Defined benefit pension schemes: security and sustainability

Philip Doggart
IFoA response to the Ministry of Justice - 'The personal injury discount rate: how it should be set in future' 11.05.17 Ministry of Justice The personal injury discount rate: how it should be set in future Philip Doggart
IFoA response to Financial Conduct Authority- DP17_1 Illiquid Assets and open-ended investment funds  08.05.17 Financial Conduct Authority Illiquid assets and open-ended investment funds: DP17/1 Matthew Levine
IFoA response to EIOPA CP17-001 Proposal for Guidelines under the Insurance Distribution Directive on Complex Insurance Based Investment Products  28.04.17 European Insurance and Occupational Pensions Authority EIOPA-CP-17-001 Consultation Paper on the Proposal for Guidelines under the Insurance Distribution Directive on Complex Insurance Based Investment Products  Steven Graham
IFoA response to Department of Transport - Motor insurance: consideration of the Vnuk judgment 31.03.17  Department for Transport Motor insurance: consideration of the Vnuk judgment Catherine Burtle
IFoA response to DWP review of Automatic Enrolment - Initial Questions 20.03.17 Department for Work and Pensions Automatic enrolment in workplace pensions Rebecca Deegan
IFoA response to the European Supervisory Authority Joint Discussion Paper: Use of Big Data by Financial Institutions 17.03.17 European Supervisory Authority Joint Committee Discussion Paper on the Use of Big Data by Financial Institutions Steven Graham
IFoA response to PRA CP47_16 Maintenance of the transitional measure on technical provisions under Solvency II 15.03.17 Prudential Regulation Authority Maintenance of the ‘transitional measure on technical provisions’ under Solvency II - CP47/16 Steven Graham
IFoA response to FCA CP17_3 Proposed handbook changes to reflect the new regulatory framework for Insurance Linked Securities 14.03.17 Financial Conduct Authority CP17/3: Proposed Handbook changes to reflect the new regulatory framework for Insurance Linked Securities Philip Doggart
IFoA response to PRA CP48_16 Matching Adjustment- Iliquid unrated assets and equity release mortgages 14.03.17 Prudential Regulation Authority Solvency II: Matching adjustment – illiquid unrated assets and equity release mortgages – CP48/16 Steven Graham
IFoA response to EIOPA CP-16-008 Discussion Paper on the review of specific items in the Solvency II Delegated Regulation 03.03.17 European Insurance and Occupational Pensions Authority Discussion Paper on the Review of Specific Items in the Solvency II Delegated Regulation - CP-16-008 Steven Graham
IFoA response to EIOPA Discussion Paper on Potential harmonsation of recovery and resolution frameworks CP-16-009 28.02.17 European Insurance and Occupational Pensions Authority Discussion Paper on Potential Harmonisation of Recovery and Resolution Frameworks for Insurers Steven Graham
IFoA response to Authorisation and supervision of insurance special purpose vehicles – CP42/16 23.02.17 Prudential Regulation Authority and Financial Conduct Authority Authorisation and supervision of insurance special purpose vehicles – CP42/16 Philip Doggart
IFoA response to Bulk transfers of defined contribution pensions without member consent 21.02.17 Department for Work and Pensions Bulk transfers of defined contribution pensions without member consent Rebecca Deegan
IFoA response to FCA Asset Management Market Study - Interim Report (MS15/2.2)

20.02.17

Financial Conduct Authority FCA Asset Management Market Study - Interim Report (MS15/2.2) Matthew Levine
IFoA response to Reducing the money purchase annual allowance 15.02.17 HM Treasury Reducing the money purchase annual allowance Rebecca Deegan
IFoA response to Cyber insurance underwriting risk – CP39/16 10.02.17 Prudential Regulation Authority Cyber insurance underwriting risk – CP39/16 Philip Doggart
IFoA response to DWP and DH - Work, health and disability improving lives 16.02.17 Department for Work and Pensions and Department of Health Work, health and disability: improving lives Rebecca Deegan
IFoA response to Public financial guidance review: consultation on a single body 13.02.17 HM Treasury and Department for Work and Pensions Public financial guidance review: consultation on a single body Catherine Burtle
IFoA response to Fiscal Risks Report 26.02.17 Office for Budget Responsibility Fiscal Risks Report Matthew Levine
IFoA response to Task Force on Climate-related Financial Disclosures   10.02.17 Task Force on Climate- related Financial Disclosures Recommendations of the Task Force on Climate-related Financial Disclosures Rebecca Deegan
IFoA response to Regulations implementing a new regulatory and tax framework for Insurance Linked Securities 18.02.17 HM Treasury Regulations implementing a new regulatory and tax framework for Insurance Linked Securities Philip Doggart
IFoA response to Occupational pensions: draft regulations, legislative review and Guaranteed Minimum Pensions equalisation methodology 15.02.17 Department for Work and Pensions Occupational pensions: draft regulations, legislative review and Guaranteed Minimum Pensions equalisation methodology Philip Doggart
IFoA response to Department for Work and Pensions - Independent Review of the State Pension Age Interim Report   09.02.17 Department for Work and
Pensions
State Pension Age Independent Review: Interim Report with Questions Philip Doggart
IFoA response to Financial Conduct Authority - CP16/30: Transaction Cost Disclosure in Workplace Pensions 04.02.17 Financial Conduct Authority CP16/30: Transaction cost disclosure in workplace pensions Matthew Levine

Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

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Events calendar

  • Webinar Series: Risk and Investment Conference 2019, 17 June

    These are online webinar events
    17 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • Spaces available

    Increasing global concern over the impact of climate change has recently led to public scrutiny over the adequacy of existing risk management practices by insurance firms and pension schemes in dealing with these challenges, that potentially impact both individual actuaries and the IFOA generally.

     

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June).  There is also a day ticket option available for the 19 June. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    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.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

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

    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. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
    21 June 2019

    Spaces available

    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Webinar Series: Risk and Investment Conference 2019, 26 June

    These are online webinar events.
    26 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

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

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Spaces available

    Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

    For more information on the FRG please visit this webpage

  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Sessional Research Event - Risk Margin Working Party

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

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

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

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

     

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

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

    Spaces available

    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.