The Institute and Faculty of Actuaries (IFoA) was delighted to give evidence to the Justice Select Committee on 1 November on the draft personal injury discount rate legislation.
The Institute and Faculty of Actuaries (IFoA) was delighted to give evidence to the Justice Select Committee on 1 November on the draft personal injury discount rate legislation.
Martin White, who sits on the General Insurance Board, represented the IFoA. He was on a panel alongside Richard Cropper of Personal Financial Planning, Brett Dixon, president of the Association of Personal Injury Lawyers and Professor Victoria Wass, a labour economist at Cardiff Business School.
Following our consultation response on the proposed changes to the discount rate, submitted in early October, we had a valuable opportunity to restate our position that the needs of the claimant must be the priority and sit at the centre of the compensation process.
On receiving a payout, we believe that claimants should not have to take any significant investment risk. As such, we have made the case for a discount rate that reflects a market-consistent value for the lowest-risk investments, namely government-backed, index-linked gilts.
You can find out more on our consultation page at bit.ly/1No86sB