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The Actuary The magazine of the Institute & Faculty of Actuaries

News in brief 1

CPD reminder
As the end of the second year of the CPD scheme approaches, the Profession wishes to remind all fellows and associates to ensure that their online CPD declarations and activity records are up to date for the year 1 July 2007 to 30 June 2008.

During the CPD year 2006 to 2007, members received around 16 reminders of their CPD obligations and it is hoped that this will not be necessary in year three. From 1 July 2008, any records that are not fully compliant may be selected for monitoring and referred through the disciplinary process.

Last October, FIMC instructed that, if a member had failed to make a CPD declaration for the current year, they should be deemed to be ‘Category 2’ and would be monitored for compliance as such. It is therefore advisable to have completed your online records in sufficient time.

Random sampling of CPD records will commence during July and, if selected, you will be asked to provide evidence of your CPD activities or explanations as to why you think you are in the category declared. If no satisfactory evidence or explanations are received, this may also result in a referral to the disciplinary process.

Code consultation
Andrew Chamberlain, chairman of the Professional Regulation Executive Committee, invites you to share your views on the latest drafts of The Actuaries’ Code and supporting Actuarial Profession Standards.

Meetings to discuss the drafts of the code and the standards are scheduled to take place on 8 May, at Staple Inn, High Holborn, London, and on 21 May, at Maclaurin House, 18 Dublin Street, Edinburgh. The meetings will commence at 5pm.

Please confirm your attendance to Code@actuaries.org.uk. Members will be e-mailed when exposure drafts of the code and standards are available on the Profession’s website.

GN29: Correction
In last month’s issue of The Actuary, the piece about the extension to the transitional period for GN29 should have read as follows:

“If at 1 July 2008, and notwithstanding the best endeavours of the actuary, the terms of their appointment remain in a form not compliant with Section 2 of GN29 then the actuary, provided he or she has proposed such terms of appointment to the trustees no later than four weeks from the coming into force of Version 7.1 of GN29, need not resign as scheme actuary unless otherwise advised by the Regulator, but must:
>> decline to provide any statutory certificates until the situation is remedied
>> notify the Regulator of the position
>> and advise the secretary to the Professional Regulation Executive Committee of the circumstances, including the date on which terms of engagement compliant with this Section were proposed to the trustees.”

Please accept our apologies for any confusion over this issue.