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
  • The Actuary Issues
  • August 2015
08

#advicefail for less canny nannies

Open-access content Tuesday 28th July 2015 — updated 4.50pm, Tuesday 14th April 2020
2

At the most recent Professional Skills Training course, the 'best' answer for advising my grandmother on an insurer selection was given as: "You should do your research on the company and read the terms and conditions carefully, then make an informed decision." This answer was in preference to four others, including asking a financial adviser. 

While some actuaries undoubtedly have very canny nannies, we must consider this a whopping #advicefail for the average nan's financial understanding. Speaking to a financial adviser is surely the most appropriate advice to most nannies and members of the public. 

I'd offer an 8/10 for the course's focus on whistle-blowing, but a Eurovision nil-point to all the actuaries who didn't mind the advice gap. Let's be sure that our financial sense makes sense.


Nick Spencer,  2 June 2015

This article appeared in our August 2015 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Letters to the editor: Youngest person in the world

Tuesday 28th July 2015
Open-access content
2

Letters to the editor: A crisis of confidence

Tuesday 28th July 2015
Open-access content
2

Letters to the editor: The costs of transparency

Tuesday 28th July 2015
Open-access content
2

Letters to the editor: The well-disciplined actuaries

Tuesday 28th July 2015
Open-access content
2

Outstanding contributions

Wednesday 29th July 2015
Open-access content
2

IFoA Spring Thought Leadership lecture

Wednesday 29th July 2015
Open-access content

Latest from August 2015

2

More motorists running out of fuel after 'getting into bad habits'

The number of motorists breaking down as a result of running out of fuel increased to 827,000 in 2014, up 50,000 on 2013, an insurer has found.
Thursday 27th August 2015
Open-access content
2

'Solvency II could push up pension buyout cost by 10%'

The new regulatory regime, Solvency II, could add up to 10% to pension buyout deals, according to PwC.
Thursday 27th August 2015
Open-access content
2

More than 27,000 uninsured cars seized this year including Ferraris and Lamborghinis

Police forces across the UK have seized at least 27,688 uninsured cars in 2015 to date, including luxury brands such as Ferraris and Lamborghinis, according to research by Churchill.
Thursday 27th August 2015
Open-access content

Latest from small_opening_image

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 missing_standfirst

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

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

Latest from missing_teaser_text

Obituary: Ragnar Norberg

Thursday 1st February 2018
Open-access content
2

Obituary: Ted Belmont (1950-2017)

Obituary: Ted Belmont (1950-2017)
Wednesday 10th January 2018
Open-access content
2

Q&A: Sharad Bajla (Singapore)

Sharad Bajla is an actuary at Asia Capital Re in Singapore, and is originally from India
Wednesday 6th July 2016
Open-access content

Latest from 08

2

CAA launch: one year on

Derek Cribb is the chief executive of the Institute and Faculty of Actuaries
Wednesday 29th July 2015
Open-access content
2

Deflation revelations

Icki Iqbal discusses the effects on pension provision in a deflationary environment
Tuesday 28th July 2015
Open-access content
2

Sporting chances

President of the IFoA Fiona Morrison sets out plans for an education review and talks about speaking out for the profession
Tuesday 28th July 2015
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

BPA Transition Manager

London, England / Edinburgh, Scotland
£45000 - £65000 per annum + market leading bonus and benefits
Reference
148878

London Market Pricing Contracts - Inside & Outside IR35

London (Central)
£1000 - £1300 per day
Reference
148877

SME Pricing Director

London (Central), London (Greater)
£225K + bonus + benefits
Reference
148872
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