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Making your voice heard: consultation round-up

Responding to consultations gives IFoA members a chance to influence the work of government and regulators, and is an important part of the policymaking process. 


08 AUGUST 2019 | THE ACTUARY TEAM

Responding to consultations gives IFoA members a chance to influence the work of government and regulators, and is an important part of the policymaking process. The IFoA responds to numerous consultations over the course of the year, and our most recent submissions include:  

Equity Release Mortgages: The PRA’s consultation on Solvency II: Equity Release Mortgages proposed amendments to the expectations on firms investing in equity release mortgage portfolios. The IFoA proposes a number of clarifications to increase transparency, proportionality and parsimony, otherwise the effective value test may act as a constraint on a firm’s capital position.

Flood: The Environment Agency’s draft strategy sets out a vision for a nation ready for, and resilient to, flooding and coastal change. It asks what we can do as a nation during the next 10 to 30 years. The IFoA response looks at incorporating resilience measures into repairs after flooding, and the need to plan beyond Flood Re.

State Pension and Group Income Protection: The Work and Pensions Committee launched an  inquiry examining the Department for Work and Pensions (DWP) spending priorities and how it makes its decisions, in light of the announcement of a cross-government spending review. The IFoA response looks at the long-term implications of the triple lock policy and whether the DWP should revisit earlier work to extend group income protection coverage.

Green Finance: The Treasury Committee opened an inquiry into the decarbonisation of the UK economy and green finance. The Committee is scrutinising the role of HM Treasury, regulators and financial services firms in supporting the government’s climate change commitments. It is also examining the economic potential of decarbonisation for the UK economy in terms of job creation and growth. The IFoA’s response considers the questions under the Green Finance strand of the inquiry, as this strand is the most relevant to the skills and expertise of actuaries.

Infrastructure: This review looks at private investment in infrastructure and how infrastructure projects are financed in the context of the UK’s changing relationship with the European Investment Bank. The IFoA response details how private investment could help build infrastructure fit for the 21st century, and how improved risk management techniques would give investors greater confidence in budget and timelines.


To read the responses in full, please go to bit.ly/2YmflRM