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Life – Consumer Duty Working Party – members

Application closing date: 17 November

The FCA introduced Consumer Duty rules in July 2023 with the aim of increasing consumer protection in the UK financial services industry. The core principle is that firms must act to deliver good outcomes for retail customers.

The Life Research Sub-committee is looking to recruit members to join this member-led working party to look at Consumer Duty in the UK insurance market. Research should consider:

  • what is the role of the actuary in assessing fair value for customers under the ‘price and value’ outcome of Consumer Duty?
  • what is best practice in assessing this across a range of life products, including annuities, equity release, unit-linked, protection, and with-profits
  • how should firms address the needs of vulnerable customers?

The research encompasses life, pensions and investment, and the working party should consider engaging with key stakeholders such as FCA, ABI, and Which? to seek their input and influence the debate.

This is an opportunity to produce thought leadership that can be used to inform government, the market and consumer groups. A key objective is to demonstrate how actuaries can help shape and address the requirements in practical terms.

Time commitment

It is hoped that the commitment would be around 12 months. Volunteers are asked to participate in 6 to 12 meetings per annum (lasting around one to one and a half hours) plus time for preparation and post-meeting research and follow up actions. There is no requirement to meet in person. Meetings will be by conference call to allow us to widen this opportunity to all members. Conference calls will be arranged at a mutually convenient time for all involved.

Next steps

If you are interested in this role but would like an informal conversation before applying, please email us at engagement.team@actuaries.org.uk.

If you have read all the above and would like to apply, please send us:

  • brief details of your relevant experience
  • your reasons for wishing to get involved
  • your ARN (if you are a member)
  • a brief copy of your CV and full contact details (if you are a non-member)
  • confirmation that you have read, understood, and agree to the information and requirements laid out in our volunteer information pack (please be aware that until we have received this confirmation, we will not be able to appoint you as a volunteer)

Please email all the above to engagement.team@actuaries.org.uk. Please note, we are unable to accept late applications.

We are committed to promoting diversity, equality of opportunity, and inclusion, within all our vacancies and we actively encourage applications from a diverse range of potential candidates. Recognising and embracing the unique and diverse talents of our volunteers is fundamental to the success of our organisation.

What you need to know

Volunteering provides you with a wide range of opportunities. With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s governance manual and volunteer information pack. Before offering to provide support, please read through: what you need to know.