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Regulation Update Emma Gilpin, Head of Regulatory Policy Judith - - PowerPoint PPT Presentation

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Regulation Update Emma Gilpin, Head of Regulatory Policy Judith Joy, Regulatory Lawyer Association of Consulting Actuaries: Sessional Meeting 13 September 2018 Headlines from Regulation Revised Actuaries Code Quality Assurance

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Regulation Update

Emma Gilpin, Head of Regulatory Policy Judith Joy, Regulatory Lawyer

Association of Consulting Actuaries: Sessional Meeting 13 September 2018

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Headlines from Regulation

  • Revised Actuaries’ Code
  • Quality Assurance Scheme
  • Review of Practising Certificate Regime
  • APS X3: Expert in Legal Proceedings
  • APS X1: Applying Standards
  • Mortality Assumption Methodologies in Pensions
  • Professional Skills
  • Capacity for Membership Scheme
  • Response to Consultations

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Revised Actuaries’ Code

  • Published on 18 May 2018
  • Feedback from consultation
  • Simplified language
  • Clarified nature of obligations
  • Principles and amplifications
  • New stand alone “Speaking Up” principle
  • Guidance published spring 2019
  • Effective 18 May 2019

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Revised Actuaries’ Code

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Integrity Competence and Care Communication Speaking Up Compliance Impartiality

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Speaking Up

“Members should speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or is unlawful”

  • Challenge non-compliance with legal, regulatory and professional requirements
  • Report Misconduct to IFoA
  • Report to relevant authorities behaviour that is unethical or unlawful
  • Make users aware of substantial issues with pieces of work

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Growing the QAS accreditation

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  • Voluntary accreditation scheme for employers
  • Global QAS since April 2018
  • UK, Malaysia, Singapore, Hong Kong, Indonesia, Sri Lanka
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Growing the QAS accreditation

  • 38 organisations now accredited
  • 3776 members work for a QAS organisation
  • Represents 12% of the worldwide IFoA Membership
  • Mainly consultancies, including some of the biggest

employers of IFoA Members

7 5 10 15 20 25 30 35 40 May-16 May-17 May-18

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But…

  • First insurer accredited in 2018

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Developing the QAS accreditation

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  • Objectives for 2018/2019

– More organisations – Increased diversity of types of organisations – More insurers

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Pilot of Outcomes Focused CPD Scheme

  • Launched in July 2018 for two CPD years
  • Seven QAS accredited organisations participating
  • Investigate if viable alternative to hours based CPD

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NEEDS

Identify Learning Needs

PLAN

Schedule Training and Events

REFLECT

Consider Outcomes

  • f Activities
  • Report on results in 2020
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Review of Practising Certificates Regime

  • Changes to the Scheme - 1 September 2018
  • Change in experience requirements
  • Refreshed Scheme
  • One document for applicants to read
  • Guidance on Scheme Actuary experience
  • Refreshed application forms
  • PDF certificate

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Image Source: http://www.sellmysharecertificates.com/img/cert-man-1.png

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APS X3: The Actuary as an Expert in Legal Proceedings

  • Light touch review of Standard and Guidance
  • Requirements still relevant
  • References to Court Rules
  • Presentation and layout consistent with styles

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APS X1: Applying Standards to Actuarial Work

  • Principles to be applied to determine

which standards members should apply

  • List of relevant authorities published
  • Associations confirmed their standards

are substantially consistent with ISAP1

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Mortality Assumption Methodologies in Pensions

  • Roundtable discussions hosted in December
  • Working Party set up
  • Identify and investigate public interest issues relating to mortality assumption

setting methodologies

  • Consider necessity of guidance or educational material

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Professional Skills Materials

  • New suite of materials launched end of September 2018

– Video case studies in Asia and Africa

  • Themes include:

– calling out inappropriate behaviours – responsibilities of board members – speaking up – pitfalls of social media – and more…

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Capacity for Membership Scheme

  • Introduced February 2018
  • Rare cases
  • Members within the disciplinary system, suffering from significant and current issues
  • f health which are the root cause of the incident under scrutiny
  • Aims to balance public interest issues in a disciplinary context against the desire to

support members suffering from significant illness

– Focus is on establishing facts and identifying necessary supportive measures to ensure that members meet regulatory obligations of membership – Process is flexible, with emphasis on confidentially, sensitivity and medical expert evidence to assist Panels in assessing facts and applying appropriate outcomes

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Consultations

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  • Competition and Markets Authority Provisional Report
  • n Investment Consultants and Fiduciary Management
  • HM Treasury Consultation on Pre-Paid Funeral Plans
  • Independent review of the FRC by Sir John Kingman

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On the Horizon…

  • Review of all Standards and Guidance in light of Revised Actuaries’ Code
  • Data Science Focus Group
  • International and European Standards
  • Risk Alerts

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  • Always looking for volunteers for Working Parties,

Committees and Boards

Questions, queries and ways to get involved…

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  • Any questions can be referred to the Professional

Support Service via the website

www.actuaries.org.uk

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Expressions of individual views by members of the Institute and Faculty of Actuaries and its staff are encouraged. The views expressed in this presentation are those of the presenter.

Questions Comments

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