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Regulatory communications and consultations

We issue communications and consultations to members about regulatory matters on a regular basis. We also seek the views of actuaries, their employers and other interested parties, including users of actuarial advice and regulators, on a range of consultation proposals and discussion papers.

Open consultations

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. 

Access the consultation survey

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.

General Communications

Date Title Description
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
setting of standards for actuaries and sets out how each intends to develop these
2 July 2012 Conflicts of Interest Package

Email to all members about the new conflicts of interest package

21 November 2011 Professional Skills Training

Email to all members about the Professionalism Courses being introduced from Feb 2012.

FAQs on the new regime

10 October 2011

Conflicts of Interest Consultation Paper and Consultation Meetings

Email to all members about the Conflicts of Interest Consultation Paper and related meetings
14 April 2011

Standards Decision Tree

Practising Certificates Scheme

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.

General Insurance

Date Title Description
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.

Life Insurance

Date Title Description
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

Pensions

Date Title Description
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.

Contact Details

If you have any enquiries about regulatory communications please contact

regulation@actuaries.org.uk

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Events calendar

  • TIGI 2019 (Technical Issues in General Insurance)

    Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE
    25-26 April 2019
    Spaces available

    This General Insurance CPD offering has been changed from former years of individual one day seminars to include individual sessions for IFRS 17, Pricing, Capital Modelling and Reserving over a two-day event  packaged as Technical Issues in General Insurance, providing attendees with a varied program . The event is suitable for anyone who works, or are interested, in these areas.

  • Fully booked.

    Data Visualisation helps to communicate information clearly and effectively through graphical means.  This talk will showcase some visualisations that the working party has found useful for common actuarial situations.  The event is now full, however if you would like to join a waiting list, please email Barry_shannon@standardlife.com

  • Francophone Actuaries Meeting 2019

    Aviva, Saint Helen's, 1 Undershaft, London EC3P 3DQ, UK
    2 May 2019

    Spaces available

    L'Institut des Actuaires and French actuaries in the UK, partnered with Aviva, are delighted to be hosting their annual "l'afterwork" event for French speaking actuaries in the UK. The event will mix French and English interventions.

    Register via this link to be added to the guest list:  https://www.eventbrite.com/e/rencontre-annuelle-des-actuaires-francophones-londres-tickets-59758941603

     

     

  • Spaces available

    CPD

    CPD
    1.00 hours

    The CMI SAPS Mortality Committee and Mortality Projections Committee will be holding a joint webinar, aimed primarily at pension scheme trustees, describing considerations relating to setting longevity assumptions in 2019.

  • SIAS EVENT - Hurricane Clustering: A New Reality?

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 May 2019

    Spaces available

    The 2017 North Atlantic hurricane season was one of the most active on record. We saw multiple hurricanes coming close together causing significant damage and human loss. The talk discusses whether 2017 was an exceptional year or indicative of what we expect to see in the near future, and the implications for (re)insurers.

  • IFoA Asia Conference 2019, Chengdu

    Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu
    09-10 May 2019
    Spaces available

    IfoA Logo for eventsOffering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.

  • DAG event - Can we overcome unconscious bias?

    KPMG LLP  Saltire Court,  20 Castle Terrace, Edinburgh EH1 2EG
    9 May 2019

    Spaces available

    This session will examine our biases, look at what it feels like to be an outsider and give attendees practical tools and actions we can all take to support and grow diversity and inclusion, within the profession. This session is also designed to meet the objectives of the IFoA’s Stage 3 Professional Skills Training for experienced members.

  • KSS event – IQ+EQ = Future Success

    Royal London, 1 Thistle Street, Edinburgh
    14 May 2019

    Spaces available

    In this interactive session, our facilitators, Russell Borland and Thomas Chalmers, Partners of UK-based coaching consulting firm, Leading Figures, will explore how we can enhance our EQ to make the most of our IQ. They will introduce an Emotional Intelligence framework developed by psychologist Daniel Goleman and provide participants with an opportunity to personally assess their own Emotional Intelligence.  To register please email Caitlin.stronach@royallondon.com

  • CILA 2019

    30 Euston Square, London NW1 2FB
    14 May 2019

    Spaces available

    CILA is one of the pre-eminent events in the annual Life calendar. It is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in or advise on, the life assurance market in the UK and Europe.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    15 May 2019

    Fully booked.

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond.  The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. Please note this event is now full, however, if you wish to join a waiting list, please email Dawn.Neil@willistowerswatson.com.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 West Regent Street Glasgow G2 1RW
    16 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond. The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book a place please email Dawn.Neil@willistowerswatson.com

  • How to protect SMEs from Cyber Attacks

    Staple Inn Hall, High Holborn, London, WC1V 7QJ.  
    16 May 2019

    Spaces available

    The aim of this interdisciplinary symposium is to gain understanding and awareness of UK private SMEs about their insurance need as a part of cyber risk management and mitigation strategies.

  • Risk and Investment Conference 2019

    Amba Hotel, Charing Cross, Strand, London WC2N 5HX
    20-21 May 2019
    Spaces available

    This year's event begins with a Professional Skills Training plenary to help build your CPD, followed by a formal drinks reception and dinner on the evening of 20 May.  The following day will then be a programme full of topical plenaries and workshops covering the latest trends and topical issues in the risk and investment sector with plenty of opportunities to network with colleagues and build your CPD.

  • LMS Invited Lectures 2019

    ICMS, The Bayes Centre, 47 Potterrow, Edinburgh EH8 9BT
    20 May 2019 - 24 May 2019

    Spaces available

    On May 20-24 2019, Prof Søren Asmussen (Aarhus University) will deliver a course on lectures on advanced topics in life insurance mathematics.  This will be held at the International Centre for Mathematical Sciences, Edinburgh, and will be accompanied by supporting lectures from Prof Corina Constantinescu (University of Liverpool) and Prof Andrew Cairns (Heriot-Watt University). To register, please visit https://www.icms.org.uk/LMSAsmussen.php.

  • Mortality and Longevity Symposium 2019

    ICC Birmingham, Broad St, Birmingham B1 2EA
    04-05 June 2019
    Spaces available

    The Mortality and Longevity Symposium aims to expand delegates’ horizons by giving a better view of the scope of current mortality research in a wide variety of relevant disciplines, and by providing a forum to discuss the implications for actuarial practice and it will be of interest to all actuaries concerned with setting or reviewing mortality and longevity assumptions, underwriters, demographers, epidemiologists, policy-

  • Protection, Health and Care Conference 2019

    ICC Birmingham  Broad St, Birmingham B1 2EA
    04-06 June 2019
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations. The conference uses a combination of workshops by individuals who work at the coalface and ‘big name’ experts to explore how innovation, technological/medical advances, the political landscape and other market development will impact the Protection, Health and Care markets.

  • NED Event: Behavioural Finance and Boards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    18 June 2019

    Spaces available

    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.

  • Pensions Conference 2019

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

    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • 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 will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry. 

  • AGM and Presidential Address 2019

    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.

  • 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.

  • 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.