Quick links:
News

APS X5: Compensation for Professional Shortcomings

Open-access content Wednesday 7th October 2020

A new Actuarial Profession Standard, APS X5, has been published, along with a feedback paper to the consultation held earlier this year.

APS X5: Compensation for Professional Shortcomings

The standard will take effect on 20 November 2020.

APS X5 requires members who are principals in organisations that provide actuarial work to external clients to have in place measures relating to compensation of clients, or alternative arrangements relating to liability, for loss caused by professional shortcomings.

The standard replaces GN30: Compensation for Professional Shortcomings and implements broadly the same requirements. GN30 will be withdrawn when APS X5 comes into force.

You can find the feedback paper and new APS X5 at bit.ly/3i9bfmM. Should you have any questions, please do not hesitate to contact [email protected]  

Picture Credit | Shutterstock
October 2020
This article appeared in our October 2020 issue of The Actuary .
Click here to view this issue

You may also be interested in...

Renew your IFoA membership

Renew your IFoA membership

It’s time to renew your IFoA membership. By now, you should have received an email inviting you to renew your membership by logging in to your member record.
Wednesday 7th October 2020
Open-access content
Updated standards approval process

Updated standards approval process

The Regulation Board has published a new standards approval process to provide information for members, users of actuarial services and the wider public about the IFoA’s framework of professional standards and to ensure transparency around the principles adopted in relation to standard setting at the IFoA.
Wednesday 7th October 2020
Open-access content
Resource and Environment Board rebrands as Sustainability Board

Resource and Environment Board rebrands as Sustainability Board

Management Board has approved a change of name for the Resource and Environment Board.
Wednesday 7th October 2020
Open-access content
Brexit update

Brexit update

As 31 December draws closer, the IFoA is keen to understand how employers of actuaries are preparing for the end of the transition period.
Wednesday 7th October 2020
Open-access content
Pandemics hub

Pandemics hub

During this unusual time, we know our members want quick and reliable access to authoritative, evidence-based information.
Wednesday 7th October 2020
Open-access content
Tackling important issues

Tackling important issues

Members of the IFoA’s Policy Team talk about the areas they are currently focusing on, and how they are influencing public policy for the better
Wednesday 7th October 2020
Open-access content

Latest from News

tf

New online forum 'IFoA communities' – now live

IFoA communities is your new online digital community. Here’s how to get started on the platform
Thursday 2nd March 2023
Open-access content
uh

Climate risk course sees new growth

In April, the Climate Risk and Sustainability course will be one year old. During its first year, we welcomed 155 participants and awarded 148 certificates. Members from more than 19 countries came together at the seminars to discuss and share what they had learnt.
Wednesday 1st March 2023
Open-access content
uh

Actuarial Profession Standard Z1: have your say

The IFoA is consulting on proposals to introduce a revised Actuarial Profession Standard (APS) Z1 on ‘Duties and responsibilities of members undertaking work in relation to UK trust-based pre-paid funeral plans’. APS Z1 sets out specific ethical and professional obligations that apply, in addition to the Actuaries’ Code, for members providing advice relating to funeral plan trusts.
Wednesday 1st March 2023
Open-access content

Latest from October 2020

web_p14_accident_shutterstock_1536906233.png

A question of compensation

Nicole Gray and Madeleine Reid examine two methods for estimating the life expectancy of those with multiple impairments
Wednesday 7th October 2020
Open-access content
web_p17_shutterstock_1698537736-v2.png

Ahead of the game

Matthew Edwards and Matt Fletcher report on behalf of the COVID-19 Actuaries Response Group on the data and model risks in trying to make sense of the pandemic
Wednesday 7th October 2020
Open-access content
Shifts in social structure

Shifts in social structure

Governments cannot divorce social security from public health responses to coronavirus, says the COVID-19 Action Taskforce Social Security group
Wednesday 7th October 2020
Open-access content