16 October 2023
We are continuing to make improvements to modernise the IFoA and develop the future of the actuarial profession for the benefit of our members.
An important part of this process is consulting and engaging with members to understand your views to shape and adjust our plans. In the months ahead we have engagements and consultations on a number of important issues including reforms to our governance, the future of Council, and DEI changes to the Actuaries Code. To ensure these engagements are extensive and inclusive we will be sequencing them carefully and wanted to give advance notice our current timings:
- Member engagement on governance reforms (Late October to Mid December 2023)
We will be engaging with members on the governance reforms that Council approved in June. The engagement will include a clearer explanation of the reforms through communications channels, a series of member webinars, and in-person sessions at the GIRO and Life conferences in November. The feedback received from members during this engagement will inform Council’s consideration of the 194 objections to the reforms when it meets in December.
- Consultation on the future of Council (January 2024 onwards)
In early 2024, we will begin actively consulting with members on the future of Council. A new Council Working Group, chaired by Peter Tompkins, will lead the process, looking to shape an inspiring vision for how Council will be an influential voice leading the IFoA into the future.
- DEI and the Actuaries Code (February 2024)
The DEI changes to the Actuaries Code are undertaken independently by the IFoA’s Regulatory Board which ran a consultation earlier this year, later publishing a feedback report. In February, we will begin a further engagement exercise, focussing on guidance to assist with understanding of the application of the new Code provisions and to help members consider and adjust to these changes. This will include a series of webinars, publication of resources and other opportunities to learn more and ask questions. Regulatory Board continues to welcome feedback from members, including any concerns around practical implications. The DEI changes to the Code will not be implemented until this further engagement exercise has concluded.
- Quality Assurance Scheme (QAS) Practising Certificate Scheme (April 2024)
In April, we will begin consultation on the proposed introduction of a Practising Certificates (PC) Scheme for QAS accredited organisations. During the recent review of the PC Scheme, the Regulatory Board committed to revisiting the possible integration of the PC Scheme with the QAS. This consultation sets out proposals for an optional QAS PC Scheme, offering a more streamlined approach for those who opt-in to the Scheme.
The next six months will be a busy period of engagement and consultation and we encourage members to engage as fully as they can to share their views.
