Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • April 2018
04

Commonwealth urged to agree standards on financial services

Open-access content 17th April 2018

Commonwealth countries should agree what constitutes best practice in financial services as part of an effort to kick-start economic growth around the world.

2

That is according to a report released yesterday by the Institute of Economic Affairs, and comes as government leaders descend on London for the biennial Commonwealth Heads of Government meeting.

It argues that poorer Commonwealth countries are adversely affected by a lack of access to services, and that this year's meeting provides an opportunity to accelerate financial inclusion.

This comes as the UK looks to strengthen its ties with countries outside the EU post-Brexit, with the report outlining how agreed standards could help stimulate trade and competition.

"If the Commonwealth can play an active role so that barriers to growth are overcome, the competitive markets created will spur economic activity, lifting billions out of poverty," report author, Shanker Singham, said.

"With its powerful network effects across the most developed economies and some of the world's smallest micro-states, diversity is its strength."

The report states that there has been a dramatic increase in technical barriers to trade since 2005, with the World Trade Organization failing to facilitate services liberalisation.

While large firms and incumbents can manage the costs of these barriers, it is thought that smaller companies will be forced to exit the market, increasing inefficiency and costs for consumers.

In response, the report suggests the Commonwealth meet more regularly, allowing it to more effectively channel commitments to trade liberalisation, competition and property rights protection.

It argues that the bloc's shared alignment around concepts such as English common law should also help it bring businesses together that can integrate into global supply chains.

"The Commonwealth is uniquely positioned to play a significant role in unlocking the pressing problem of today: a lack of wealth creation leading to stalled global growth and the consequent loss of opportunity and hope for people all over the world," Singham added.


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our April 2018 issue of The Actuary.
Click here to view this issue
Filed in:
04
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Make the switch from Pensions > Life Insurance

Manchester
Excellent Salary + Bonus (study support if required)
Reference
118732

Nearly/Newly Qualified Actuary – With Profits Reporting & Valuation

Scotland
£Upon Application
Reference
118763

Director of Investment Risk

London (Central)
+ comprehensive benefits
Reference
118783
See all jobs »
 
 

Most-Popular

 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200