We recently consulted on proposals for changes to our regulatory framework on climate change and sustainability issues.
Our proposals aimed to signify the importance of these issues for our members and equip them to deal with their professional responsibilities in relation to climate change and sustainability. The consultation set out a range of options, rather than a specific proposal, and views were invited on different possible approaches. The consultation package can be found on our website at bit.ly/Consult_RegFram
We have now published the outcome of that consultation process (bit.ly/ClosedConsult) and have set out our response to your feedback. The responses to the consultation indicate that there is a clear demand for more learning opportunities and education for actuaries, as well as for practical guidance and advice on incorporating these issues while wider industry understanding and approaches continue to develop.
As a result of the consultation, we have made regulatory commitments that include reinforcing the importance of climate change and sustainability issues by developing guidance for members to support the existing Actuaries’ Code requirements, and also by issuing an up-to-date Risk Alert (bit.ly/IFoA_RiskAlerts).
Neil Buckley, chair of the Regulatory Board, said: “By issuing this new Risk Alert, we are emphasising to members a risk that actuaries need to evaluate as to whether they are considering appropriately, or communicating clearly, the impact of climate change and sustainability. The Risk Alert is part of a series of commitments by the Regulatory Board as a result of the recent consultation and seeks to emphasise to members how the current regulatory requirements, such as the Actuaries’ Code, apply in this area.”
If you have any questions on the above, please get in touch with the IFoA Regulation Team at [email protected]