Pride in the profession
In our member survey 85% of respondents rated positively the statement, ‘I am proud to be a member of the IFoA’.
A new approach to regulation
Under our UK Royal Charter one of our core roles is the regulation of our members in the public interest.
Our members adhere to stringent standards of professional competency and conduct, which is why they are held in such high regard by individuals, businesses, governments and regulators across the world.
In 2021 we spent time focusing on how our regulation could support and encourage members to meet high standards and produce quality actuarial advice throughout their careers – rather than regulation simply being something that is only referred to when things go wrong.
This work has been reflected in a range of innovations, including the introduction in 2021 of IFoA-led reflective
practice discussions under the new CPD Scheme, in which members benefit from a one-to-one discussion with one of our specialist team about their learning and development.
We’ve also spent time simplifying and improving our regulatory processes, making the experience easier for members while ensuring a more effective regulatory system to protect the public interest. These objectives were a key part of the changes proposed under our 2021 review of the UK Practising Certificates system.
The proposals also included a new competency-based approach to awarding certificates, which will ensure that anyone with the right skills is able to obtain a certificate, making it fairer and more inclusive.
The future of UK actuarial regulation
2021 saw the publication of UK government proposals that could have significant implications for the future regulation of the UK actuarial profession (as part of the ‘Restoring Trust in Audit and Corporate Governance’ white paper).
On our members’ behalf, we have been engaging directly with government officials to make sure the government is aware of all the relevant issues.
By advocating in this way, we hope to avoid an outcome that has unintended consequences, is disproportionate, or that leads to a regulatory system that is less robust from a public interest perspective than what we currently have in place.
A trusted profession
Upholding our standards though a robust enforcement system is essential to maintaining and protecting the professionalism, reputation and public perception of our members. This ensures that the public continues to place its trust in our members to hold high standards, not just technically but also professionally and ethically.
In 2021 we developed a modernised Disciplinary Scheme to make it more user friendly for members. The new rules and regulations, due to be published in 2022, will be clearer and easier to follow, enabling
members involved in the process to readily understand their obligations and the options available to them. A number of new measures have also been proposed, allowing greater flexibility in how conduct issues are addressed, without compromising the integrity of the process.
We also introduced a remote-hearings policy to make hearings more transparent, accountable, inclusive and accessible to our global membership.
Value for money
As a membership organisation, we are deeply conscious of our responsibility to spend members’ money wisely and effectively. While we always seek to do this, we know it’s beneficial to have this checked externally from time to time, to ensure we’re not always ‘marking our own homework’.
In 2021 we commissioned our internal auditors to carry out a study to assess the extent to which our regulatory function was providing value for money and operating in accordance with best practice.
Its conclusion was that:
‘‘The regulatory function within the IFoA, based on the activities and structure in place, represents value for money for the organisation and its members, when compared to our benchmarked organisations and engagement with stakeholders consulted. There are additional areas of activity delivered by the regulatory function within the IFoA which are above that in the benchmark sample.’’
We are delighted to have received this independent confirmation, and pleased that the report also noted that our regulatory programme is efficient and in line with the public interest.
Quality Assurance Scheme (QAS)
The QAS is our voluntary global accreditation scheme for organisations that employ actuaries. The scheme promotes confidence in the work of actuaries by advancing quality assurance at an organisational level.
We are continuing to evolve the QAS scheme. Our refreshed scheme launched on 1 April 2022, following an in-depth review during 2021.
All accredited organisations were invited to take part in one-to-one discussions with the Executive as part of the research and to help us identify improvements.
One of the results of this review is the addition of diversity, equity and inclusion (DEI) as a specific sub-outcome that aligns with our wider DEI strategy.
Other achievements in 2021:
QAS
We awarded three new accreditations to NFU Mutual and Bromiley & Partners Wealth Management in the UK, and to AIICO Insurance Plc in Nigeria, taking the total number of accredited organisations to 45. This means that 27% of the IFoA’s UK members, and 15% of our global membership, are now employed by an organisation recognised by the scheme.
Continuing Professional Development
Since October 2021 almost 80 reflective practice discussions (RPD) have taken place between members and our specialist team, with 96% of members responding to the request and arranging an RPD within four weeks of being contacted.
100% of members involved in IFoA-led reflective practice discussions said they had benefited from them.
Practising Certificates
- Issued 71 new Practising Certificates
- Renewed 1,043
- 89% of respondents either agreed or strongly agreed with the proposed changes to the Practising Certificate
Actuarial Monitoring Scheme (AMS)
- Published two more reports on GI pricing and climate-related risk
- Over 50 organisations have now contributed to AMS review activities
- Provided webinars on the AMS reviews to over 1,000 attendees
Professional Support
- Helped resolve 17 queries to members in five countries
Professional Skills
- 95% thought the quality of the Professional Skills video content was Excellent or Good
- 100% thought the format for the Professional Skills Toolkit worked well
- 96% of users of the Professional Skills Toolkit thought the content was excellent or good
- Over 550 participants joined the professional skills webinar on climate-related risk in April 2021
