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  • September 2021
IFoA News
News

ADJUDICATION PANEL: Mrs Caroline Bayliss FIA

Open-access content Wednesday 1st September 2021 — updated 8.13am, Tuesday 5th October 2021

On 24 and 25 June 2021 the Adjudication Panel considered an allegation of misconduct against Mrs Bayliss (the respondent). Between February and May 2020, while acting in the role of Director of Company C, she accepted a joint instruction from solicitors acting on behalf of Person A (the referrer) and Person B (his wife) to prepare an expert report on pension sharing on divorce. 

The panel found evidence to support that, during the course of the instruction, the respondent did not provide a predicted income for each party after the pension split and after Person A’s pension age, despite being instructed to do so. The panel also found that, upon being questioned by Person A’s instructed solicitor in relation to her calculations, she refused to provide any structural answers in that she did not explain her view on how her calculations would be affected if Person B considered an income drawdown policy at the rate of 4% per year. The panel found these to be ‘low level breaches’ of the Communication principle of the Actuaries’ Code (version 3.0).

Taking account of all the relevant information, the panel determined that there was a prima facie case of misconduct.

No sanction was appropriate in this case.

Find full copies of the published determinations at bit.ly/IFoA_DiscDeterm

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This article appeared in our September 2021 issue of The Actuary .
Click here to view this issue

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ADJUDICATION PANEL: Mr Priyesh Bamania FIA

On 18 and 23 June 2021, the Adjudication Panel considered an allegation of misconduct against Mr Bamania (the respondent). The allegations relate to actions between August and October 2020.
Wednesday 1st September 2021
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The Joint Forum on Actuarial Regulation provides the IFoA with a platform to engage with key societal challenges and influence possible solutions, says Matt Saker
Wednesday 1st September 2021
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IFoA membership renewals due

IFoA membership renewals due

As part of our commitment to our members, the IFoA is holding membership fees at 2019 levels for another year. And, of course, members can now access all IFoA online events for free. To help the IFoA support members worldwide – and to avoid late payment surcharges – we ask that members renew before 31 October 2021.
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Call for Annals of Actuarial Science papers extended

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Contributions are invited for a special issue of Annals of Actuarial Science (AAS) featuring research on managing the risk of mortality shocks.
Wednesday 1st September 2021
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IFoA president calls on members to support the IFoA Foundation

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This month, actuaries will be receiving their annual reminder to renew their IFoA subscription. The IFoA and the IFoA Foundation are taking this opportunity to reach out to the membership, thanking those who have generously supported the Foundation so far and explaining more about the work it has done since its launch in 2020.
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Patrina Effer shares the development of a new IFoA course on sustainability and climate risk
Thursday 5th August 2021
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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.
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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.
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Obituary: Jim Galbraith

It was with much sadness that we learned of the premature passing of our friend, university classmate and fellow actuary Jim Galbraith. He died suddenly in April 2021 at the age of just 58, leaving family, friends and colleagues devastated.
Thursday 2nd September 2021
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