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
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News
  • 2020
  • 02
People & Social News

Actuarial profession standards

Open-access content Friday 31st January 2020 — updated 5.50pm, Wednesday 29th April 2020

APS X2 – new materials published

ta

APS X2 - new materials published 

The IFoA has published a refreshed webpage on Actuarial Profession Standard (APS) X2: Review of Actuarial Work (bit.ly/2Tl25tC) to include a host of resource materials for members, including case studies, vignettes and an APS X2 quiz. The materials have been updated following the conclusion of a post-implementation review of APS X2, which looked at how the standard is working in practice and whether it is effective and achieving its objectives. 

You can find out more about the post-implementation review of APS X2 and access the full suite of materials by visiting the IFoA's website, or by contacting the Regulation Team at [email protected]. 


APS X4 - Social Security Programmes

Actuarial Profession Standard X4 (APS X4) was published on 27 November, along with the feedback paper to the consultation. The standard will take effect on 27 February 2020.

APS X4 applies to members carrying out actuarial work in the financial analysis of social security programmes outside of the UK Geographic Scope. Members carrying out such work within the UK Geographic Scope must apply the Financial Reporting Council's Actuarial Statement of Recommended Practice 1 (ASORP 1). 

APS X4 is available at bit.ly/3aC1OsA

ASORP 1 is available at bit.ly/37iPQlG


Consultation on new APS X5 

The IFoA is consulting on proposals to withdraw GN30: Compensation for Professional Shortcomings (bit.ly/37IyYV1) and replace it with a new APS implementing broadly the same requirements (bit.ly/2RkEk3y). The proposed APS X5: Compensation for Professional Shortcomings requires members who are principals in organisations that provide actuarial services to external clients to ensure that appropriate arrangements are in place in relation to compensation for loss caused by professional shortcomings. 

The proposed APS is not designed to impose new obligations on members; rather, it aims to provide clarification on current requirements and provide consistency. The proposal includes non-mandatory guidance to support APS X5, designed to help members meet their obligations. The consultation will close on 17 February 2020. The consultation package can be found on the IFoA's website. 

You may also be interested in...

2

Zamara receives QAS accreditation

Congratulations to our most recently accredited organisation, Zamara Actuaries, Administrators & Consultants Limited (Actuarial Division).
Friday 31st January 2020
Open-access content
news in brief

March news in brief

Paper: A Cashless Society in 2019 Cash is under pressure. A tense 2018 led to a tumultuous 2019: Facebook's announcement of plans to launch its Libra cryptocurrency with a consortium of companies united all regulators against the project.
Friday 28th February 2020
Open-access content
2

February news in brief

Members of the IFoA can be inspired by, and gain so much from, each other: mutual support, powerful collaborations, and new and even disruptive thinking.
Friday 31st January 2020
Open-access content
2

February people and society news

An update for February on what our society has been up to...
Friday 31st January 2020
Open-access content
2

Council update

Council held its second meeting of the 2019/20 sessional year in London on 29 November.
Friday 31st January 2020
Open-access content
ta

Proposed new CPD scheme: consultation open

We are consulting on a proposed new continuing professional development (CPD) scheme, which is intended to make IFoA requirements easier to fulfil and return the focus of CPD to meaningful professional development and learning.
Wednesday 5th February 2020
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from missing_standfirst

2

Forging new paths

The Terminator is coming!  At least that's one potential vision of the future, invoked by Boris Johnson at the UN last year while he speculated about artificial intelligence (AI). We can certainly debate how realistic that vision is, and what the possible timescales might be.
Friday 28th February 2020
Open-access content
2

Expert advice

This edition of the magazine focuses on data science and its applications, which will be a recurring theme for the IFoA.
Friday 28th February 2020
Open-access content
2

Reinsurance: turning a problem into a solution

Reinsurance under IFRS17 typically has been perceived to be another question to be addressed. Wijdan Yousuf, Milena Lacheta and Colin Dutkiewicz suggest it can also be looked at as an answer
Wednesday 5th February 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from People & Social News

ui

People & Society news: March 23

Around the globe Reaching new heights in Nepal
Wednesday 1st March 2023
Open-access content
rseh

Pensions sub-committee seeks new recruit

Are you an experienced pensions actuary who is keen to be involved in responding to pensions industry consultations? Do you have technical expertise in UK defined benefit and/or defined contribution occupational pensions, and an interest in broader social and regulatory policy? If so, the Pensions Consultations Sub-committee of the Pensions Board is looking to appoint a new member.
Tuesday 28th February 2023
Open-access content
web_p47_Inside-Story_Mohamed Aly Soliman.png

Inside story: Mohamed Aly Soliman

Where are you based?
Wednesday 1st February 2023
Open-access content

Latest from 02

2

Benefiting from our CPD co-ordinators' briefing 2019

Benefiting from our CPD co-ordinators' briefing 2019
Wednesday 5th February 2020
Open-access content
2

New IFoA CEO

In January, the IFoA welcomed its new chief executive, Stephen Mann. Mann originally qualified as a lawyer, and has worked extensively with the actuarial community throughout a career in financial services.
Friday 31st January 2020
Open-access content
2

Connections with members stakeholders

From 4 December to 12 December 2019, IFoA president-elect Tan Suee Chieh visited Hong Kong, Shenzhen, Shanghai and Beijing.
Friday 31st January 2020
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Leading Insurer/Asset Manager – Pricing Actuary (Mortgages)

London (Greater)
Competitive
Reference
148750

Senior Consultant - Risk Settlement - Any UK Location - Up to £100,000 plus bonus

London / Manchester / Edinburgh / Remote
Up to £100,000 + Bonus
Reference
148832

Finance Transformation Actuarial student/Qualified Actuary

London (Central)
£50,000 - £75,000 depending on experience
Reference
148830
See all jobs »
 
 
 
 

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

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
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

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ