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The Actuary The magazine of the Institute & Faculty of Actuaries

Working party set to discuss mis-selling issues

Are you interested in joining a working party looking at the next potential mis-selling scandal? If so, The Profession would love to hear from you as it is setting up a group — most likely to be cross-practice — to look at the issue from a number of angles, beginning with some broad-brush questions:

>> Should the Profession be pro-active in helping to manage the risk of potential mis-selling scandals?
>> How should the Profession work with the new Financial Conduct Authority (FCA) and risk committees of financial institutions to help serve the public interest more effectively?

>> Will managing the risk of future mis-selling scandals also manage reputational risk, the risk of regulatory fines and mandatory customer compensation, and the risk of misconduct complaints?

>> How will the new FCA move the goalposts (for example, through ‘product intervention’), and should we anticipate they will be enforced retroactively?

>> Is there a risk that courts will create new case law to deal with future scandals — note the $550 million SEC settlement agreed by Goldman Sachs?

Please contact Pat Rustem patricia.rustem@actuaries.org.uk to put forward your thoughts on this issue.