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The Actuary The magazine of the Institute & Faculty of Actuaries
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Life Board news

Life Convention 2006

The 2006 Life Convention, held on 5–7 November at the SECC, Glasgow, was a huge success and was the largest ever, with over 900 delegates attending. The convention’s theme was ‘Back to the future’ and plenary sessions covered issues such as ‘Oversight of the profession by the FRC’ and ‘Standard Life – going public’. The session on ‘Having difficult conversations – how to discuss what matters when the stakes are high’ was memorable not only for its thought-provoking content but also for the finale of two delegates being brave enough to have an arrow thrust into their throats – if you weren’t there, you’ll have to ask someone who was!

There was also a Q&A panel (chaired by John Lister and comprising Nick Kirwan, Mick McAteer, Ned Cazalet, and Paul Seymour) which discussed topics as diverse as the major events for the industry in the previous five to ten years, the need to focus on customer needs, treating customers fairly, and whether panel members would encourage their children to become actuaries – wide-ranging views were expressed, not least in respect of the last question!

The ‘Recent issues’ plenary and suite of concurrent workshops dealing with matters which had come to prominence since the brochure was published enabled various hot topics to be discussed, and other concurrent sessions covered topics as diverse as solvency II, treating customers fairly, ICAs, and consumer understanding of risk. There was also a suite of commercial skills sessions, covering topics such as communication styles, legal concepts for actuaries, and dealing with irrational behaviour at work.

Feedback to date has been very positive and congratulations are due to Steve Melvin and the Convention Organising Committee and Dawn McIntosh and the profession’s conference team for arranging such a successful and well-attended event.

‘Highlights of Glasgow Life’ will be held on 6 March at the Copthorne Tara hotel, London. Further details will be available in the coming few weeks. In the meantime, if you have any queries, please contact Dawn McIntosh (email:dawn.mcintosh@actuaries.org.uk).The Faculty 150th Anniversary Committee would like to thank the delegates for raising £1,099 for CHAS.

2007 Convention – diary date

The 2007 Life Convention will be held on 11–13 November at the G-Mex/Manchester International Convention Centre. Following on from this year’s successful convention, Nan Paramanathan has agreed to chair the organising committee. If you would like to be involved in organising next year’s convention, please contact Nan, email nanparamanathan@hbosplc.com.

CP06/16

In September, the Financial Services Authority (FSA) published CP06/16, ‘Prudential changes for insurers’. The consultation paper offered feedback on a variety of sections of recent CPs and, in particular, included proposals affecting life insurers’ capital and reserving requirements and proposed rules and guidance on ICAs. The Life Board (with input from the GI Board) submitted a response to the FSA and this is available at www.actuaries.org.uk/files/pdf/life_insurance/fsa_cp0616_resp.pdf; those involved in preparing for the CP06/16 changes may find this and other responses a useful source of points to be considered.

The proposals in the CP, if taken forward by the FSA, will require some revision and amendment of various life guidance notes (notably GNs 44, 45, and 46) which are now the responsibility of the Board for Actuarial Standards (BAS), and the board is working with BAS to take this forward.

Compliance review

Last month, a survey was circulated to all actuarial function holders (AFH) and with-profits actuaries (WPA) asking about the extent to which firms were commissioning peer review of actuarial work. The responses will inform the board’s thinking on possible next steps in relation to compliance review. Although the deadline for responding was 30 November, in order to get as much input as possible, AFHs and WPAs who have not yet responded may still do so by no later than 6 December.