This is a reminder that the new Actuarial Profession Standard (APS) X5 will come into force on 20 November 2020.
Under APS X5, members who are principals in organisations that provide actuarial work to external clients are required to have measures in place relating to compensation of clients, or alternative arrangements relating to liability, for loss caused by professional shortcomings. The standard replaces GN30: Compensation for Professional Shortcomings and implements broadly the same requirements. GN30 will be withdrawn once APS X5 takes effect.
You can find the new APS X5 on the ‘Standards and Guidance’ page of the IFoA’s website, together with its accompanying guidance – go to bit.ly/36EAXwj
Should you have any questions about the new APS X5, please do not hesitate to contact [email protected]