In December 2018, feedback received in response to the consultation Proposals for an Enhanced System to Promote the Quality of Actuarial Work was published.
The consultation, issued in June 2018, set out proposals on the need for an Actuarial Monitoring Scheme (AMS) to draw evidence-based conclusions on the quality of the work of IFoA members and their compliance with standards, and to ensure our regulatory activities are appropriate and effective.
These proposals form an important part of a professionalism framework designed through carefully balanced interventions and support to safeguard the reputation of the profession, drive appropriate standards and best serve the wider public interest.
After careful review and analysis of the consultation responses and the recommendations of the Kingman review, IFoA Regulation Board concluded that it, like many members and others who responded to the consultation, supports the principle of appropriate monitoring, and the important objectives the original proposals sought to address.
We will proceed with the introduction of Thematic Reviews ('Category B') and information and data gathering activities ('Category C'), broadly as proposed.
Further work should be done to explore possible alternative approaches to the monitoring that was proposed specifically in relation to the work of IFoA Practising Certificate Holders ('Category A'). This work will be carried out throughout 2019 and the outputs communicated to members.
We are grateful to all who responded to the consultation and to those who took part in the meetings and events that were held throughout and following the consultation period. We look forward to engaging further on this important topic, directly and via the IFoA website, newsletters, conferences and events later this year. For more information, please visit the AMS website.