Derek Cribb looks at inspiring public confidence through regulation
Regulation may not seem the sexiest of subjects, but it is an essential part of the work we do at the Profession. Our overarching regulatory aim is "to license and regulate the members of the Institute and Faculty of Actuaries in such a way as to assure public confidence", and we are currently finalising our regulatory strategy.
It seeks to define the Profession's regulatory role and to set out the principles that will inform our regulatory work in relation to standard-setting, qualification, continuing professional development (CPD), compliance monitoring and enforcement. The strategy emphasises the importance of ensuring that the public is protected through effective regulation, which is proportionate, consistent, transparent, accountable and appropriately targeted.
But how will members feel the benefits? We are currently reviewing the CPD scheme to ensure that it is relevant and effective. We are also implementing the new professional skills training regime, which aims to deliver training that will be relevant throughout members' careers and meets their needs. We are also working closely with firms to ensure a more cohesive approach to regulation.
We have started a review of the Actuaries' Code and are about to initiate a review of the disciplinary scheme. Our aim overall, working alongside our oversight body, the Financial Reporting Council, is to ensure that our regulatory framework is clear, focused and fit for purpose, making it easier for members to do their jobs and to be confident that other members are meeting these standards too. We have received an overwhelming response to our conflicts of interest consultation and look forward to publishing our report this year.
We are always keen to receive input from our members. You can get involved and help shape the regulatory environment by participating in consultations or by joining one of the Professional Regulation Executive Committee sub-committees or working parties.
By setting high standards of professionalism, we are able to maintain and enhance the reputation of the profession and ensure that it continues to be respected globally.
Derek Cribb is the chief executive of the Institute and Faculty of Actuaries