17 April 2019
APS X4: Social Security Programmes
The IFoA has published a proposal for Actuarial Profession Standard X4 (APS X4) which applies to actuarial work on the financial analysis of Social Security Programmes outside of the UK Geographic Scope. This standard adopts the terms of International Standard of Actuarial Practice 2 (ISAP 2), being the second model standard from the International Association of Actuaries (IAA).
The full consultation package is available to download. The closing date is 17 July 2019.
You can find information on previous consultatons by going to our closed consultations page. Our most recent consultation "Proposal for monitoring of the quality of actuarial work" closed at 12:00 on Friday 28 September 2018. For information relating to proposals for an Actuarial Monitoring Scheme please visit this bespoke page.
Previous regulatory communications
This listing of previous regulatory communications is divided into general and practice area specific sections in date order.
|26 April 2019||JFAR: Risk Perspective||The Joint Forum on Actuarial Regulation (JFAR) has published its latest Risk Perspective document, discussing public interest risks affecting actuaries. JFAR is chaired by the Financial Reporting Council (FRC) and comprises the FRC, IFoA, Financial Conduct Authority, the Pensions Regulatory and the Prudential Regulation Authority.|
|15 February 2019||Conflicts of interest, Speaking Up and Non-Executive Directors – Guides for Members||The Institute and Faculty of Actuaries (IFoA) has today published revised guidance which will come into force from 18 May 2019 (at the same time as the new Actuaries' Code (“the Code”)). This includes the Conflicts of interest and Speaking Up Guides for Members, and a Guide for Members acting as Non-Executive Directors.|
|08 February 2018||JFAR: Risk Perspective||The Joint Forum on Actuarial Regulation (JFAR) has published its latest Risk Perspective document, discussing public interest risks affecting actuaries. JFAR is chaired by the Financial Reporting Council (FRC) and comprises the FRC, IFoA, Financial Conduct Authority, the Pensions Regulatory and the Prudential Regulation Authority.|
|5 January 2018||Risk Alert: General Data Protection Regulation (GDPR)||GDPR comes into force on 25 May 2018. While many organisations may already be well prepared, it is important that all Members are aware of how the substantial changes and increased obligations under GDPR may impact on their individual role within their workplace|
|23 November 2017||Risk Alert: Model Manipulation||There are a number of risks associated with the use of models. Members must exercise care when using models to ensure that the rationale for selection of a particular model is sound and, in applying that model, it is not inappropriately used solely to provide evidence to support predetermined or preferred outcomes.|
|24 August 2017||FRC Annual Report and Accounts - Actuarial Appendix 2016/2017||The Financial Reporting Council's Annual Report relating to the IFoA's Regulatory Work and Forward Programme as part of the FRC Annual Report and Accounts 2016/2017|
|28 June 2017||New standard APS X1 in force from 1 July 2017||The IFoA’s new Actuarial Profession Standard (APS) X1 comes into force on 1 July 2017. This sets out principles for members to apply when determining the standards with which they ought to comply when carrying out actuarial work.|
|12 May 2017||Risk Alert: Climate-related risks||Actuaries should ensure that they understand, and are clear in communicating, the extent to which they have taken account of climate-related risks in any relevant decisions, calculations or advice.|
|4 February 2017||Risk Alert: Change to the discount rate for settling personal injury lump sum awards||Members should be aware of the announcement by the Lord Chancellor about concluding the review of the Ogden discount rate and publishing the result. This change will affect most members working in General Insurance.|
|2 December 2016||Risk Outlook||The Risk Outlook paper by the Regulation Board of the IFoA provides an analysis of the risks facing the public, as relevant to actuaries and their work. It also sets out the IFoA’s thinking in relation to the mitigants to those identified risks, for example, the issuing of Risk Alerts.|
|30 June 2016||Risk Alert: Commutation Factors||Risk alerts are designed to bring members' attention to topics which arise out of actuarial work which could impact on the public interest.|
|30 June 2016||Risk Alert: General Insurance Reserving||Risk alerts are designed to bring members' attention to topics which arise out of actuarial work which could impact on the public interest.|
|July 2016||FRC Annual Report and Accounts - Actuarial Appendix 2015/2016||The Financial Reporting Council's (FRC's) Annual Report relating to the IFoA's Regulatory Work and Forward Programme as part of the FRC Annual Report and Accounts 2015/2016.|
|31 May 2016||JFAR Review: Group Think||Paper published by the IFoA Regulation Board on behalf of the Joint Forum on Actuarial Regulation|
|9 February 2016||Notice: Actuarial Certification of Bulk Money Purchase Transfers||Notice from Desmond Hudson, Chair of the Regulation Board|
|10 August 2015||The IFoA's Regulatory Work and Forward Programme 2014/15||Letter from David Childs to Desmond Hudson on the IFoA's Regulatory Work and Forward Programme|
|10 August 2015||The IFoA's Regulatory Work and Forward Programme 2014/15||Letter from Desmond Hudson to David Childs on the IFoA's Regulatory Work and Forward Programme|
|10 March 2015||Implications of budget pension changes for pensions and life actuaries||Email to all members about pension changes|
|30 July 2014||The IFoA's Regulatory Work and Forward Programme 2013/2014||Letter from David Childs to Desmond Hudson on the IFoA's Regulatory Work and Forward Programme|
|29 July 2014||The IFoA's Regulatory Work and Forward Programme 2013/2014||Letter from Desmond Hudson to David Childs on the IFoA's Regulatory Work and Forward Programme|
|July 2014||Actuarial Standards. A Statement by the Financial Reporting Council and the Institute and Faculty of Actuaries||
This statement explains how the FRC and the IFoA carry out their different functions and responsibilities in relation to the
|2 July 2012||Conflicts of Interest Package||
Email to all members about the new conflicts of interest package
|21 November 2011||
Email to all members about the Professionalism Courses being introduced from Feb 2012.
|10 October 2011||
Email to all members about the Conflicts of Interest Consultation Paper and related meetings
|14 April 2011||Email to all members about the Standards Decision Tree|
|18 November 2011||Practising Certificates Scheme||Email to all Fellows and Associates introducing the new Practising Certificates Scheme|
Enterprise Risk Management
There are currently no regulatory communications for this practice area.
Finance and Investment
There are currently no regulatory communications for this practice area.
|3 June 2011||Communication to members on ED 26 APS G3||Email to all members about Exposure Draft 26 on APS G3|
Health and Care
There are currently no regulatory communications for this practice area.
|10 June 2011||Communication to members on ED 27 APS L1 and ED 28 APS L2||Email to all members about Exposure Draft 27 on APS L1 and Exposure Draft 28 on APS L2|
|11 November 2016||APS P1 Information gathering exercise. Analysis of responses||
Analysis of the responses to the IFoA’s information gathering exercise regarding compliance with the conflicts provisions of APS P1.
|4 December 2013||Notice of information gathering exercise APS P1||Notice to all Scheme Actuaries about the information gathering exercise regarding compliance with the conflicts provisions of APS P1|
|1 April 2011||ACA tools for Pensions actuaries in complying with the TASs||Note from the Professional Regulation Executive Committee drawing Pensions actuaries' attention to guidance from the Association of Consulting Actuaries on the FRC's TASs.|
|3 March 2011||Guidance to Scheme Actuaries in relation to PPF guidance on bulk transfers||Guidance to Scheme Actuaries in relation to the Transfers Appendix to the 2011/12 Levy determination issued in December 2010 by the Pension Protection Fund. It replaces the guidance issued in June 2010 in relation to the 2010/11 Levy determination.|
|17 February 2011||Withdrawal of adopted Pensions Guidance Notes||Letter from Jim Sutcliffe, Chairman of the BAS regarding the withdrawal of the BAS-adopted Pensions Guidance Notes.|
|20 October 2010||GN48 and TAS compliance letter||Letter from Sir Philip Mawer regarding GN48, GN9 and the TASs.|
If you have any enquiries about regulatory communications please contact
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This event is now full. Please register here for the wait list
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.
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To book your place, please email Barry_Shannon@standardlife.com
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.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
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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.
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.
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.
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.
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.
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.
Presented by Louise Pryor
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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.
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.
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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.
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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.