In brief: May

Consultation update

Earlier this month the IFoA submitted its response to the Bank of England consultation on proposals for stress testing the financial stability implications of climate change (bit.ly/2xj8sFu). IFoA recognises climate change as a material financial risk and welcomes the Bank’s plans to carry out the 2021 Biennial Exploratory Scenario exercise – the first exercise of its kind. IFoA’s response identified that, while the Bank has defined a number of prescribed scenarios, the current proposal requires participants to interpret and assume a significant amount. Rather than require firms to make numerous assumptions, which could result in large discrepancies in analysis, the IFoA recommended the Bank move to a strongly defined framework. This will allow firms participating in the exercise to better understand and respond to their exposure to climate-related risk.

Events

Due to the global COVID-19 situation, the IFoA is reviewing its events programme. Our primary goal is to ensure the wellbeing of our members and employees while minimising the disruption to our service.

Although this means that many events will be cancelled or postponed, many are being reformatted as webinars or other forms of digital delivery. If your event is disrupted, we will let you know by email as soon as possible.

We’re asking all members and stakeholders to check our event programme web pages for the latest information. actuaries.org.uk/events