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The Actuary The magazine of the Institute & Faculty of Actuaries

Actuarial profession standards


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.