Consultation

Foreword from Neil Buckley, Chair of Regulatory Board
 
I am pleased to introduce this consultation from the Institute and Faculty of Actuaries on proposals for changes to the regulatory framework on climate change and sustainability.
It is increasingly obvious that climate change and sustainability will be among the biggest themes for governments and businesses over the next few decades.
The Covid-19 pandemic has reminded us all that we are intimately connected with and influenced by our environment, and has provided a foretaste of the scale of the risks that can crystallise when things go wrong. Actuaries must embrace this challenge, and be seen to be embracing this challenge.
Climate change presents risks that actuaries must be able to handle in their work, opportunities that we can take advantage of, and threats to the profession’s credibility, viability and even its licence to operate.
The IFoA has recognised these needs by signing the Green Finance Education Charter (GFEC) which was announced in the UK’s Green Finance Strategy in 2019. The charter aims to mainstream green finance knowledge and skills throughout the banking, finance and professional services sectors, and commits its signatories to integrate green finance and sustainability into their core curricula, new qualifications, and the continued professional development of their Members. More specifically, the charter commits its signatories to reviewing and, if necessary updating or augmenting, professional Codes of Conduct, and related guidance, to reflect green and sustainable finance principles.
This consultation sets out, for feedback, some proposed approaches that we are considering in relation to its charter commitments and our regulatory framework, including the Actuaries’ Code. The aim is that these proposals will benefit our Members and support them to ensure they are aware of and equipped to deal with their professional responsibilities related to climate change and sustainability issues.
It is hoped that, with your input and suggestions, this will help us to agree effective and meaningful changes.
I would encourage all of our Members, employers, users of actuarial work and others with an interest in this important topic to respond to this consultation.
 
Neil Buckley
Chair of Regulatory Board

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* 1. To what extent do you agree that the IFoA should explicitly reference climate change and sustainability in its regulatory and professional requirements?

Option A: Amendment to the Actuaries’ Code

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* 2. To what extent to you agree with option A that amplification 2.1 (competence and care principle) of the Actuaries’ Code should be amended to include ‘climate change and sustainability’, as outlined in the consultation document?

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* 3. To what extent do you agree with option A that amplification 6.3 (communication principle) of the Actuaries’ Code should be amended to include ‘climate change and sustainability’, as outlined in the consultation document?

Option B: Alternative amendment to the Actuaries’ Code

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* 4. To what extent do you agree with option B that amplification 2.1 (competence and care principle) of the Actuaries’ Code should also be amended to include ‘new and emerging risks”, as outlined in the consultation document?

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* 5. To what extent do you agree with option B that amplification 6.3 (communication principle) of the Actuaries’ Code should be amended to include ‘new and emerging”, as outlined in the consultation document?

Option C: Introduction of specific guidance to accompany the Code

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* 6. To what extent do you agree with Option C and the IFoA issuing specific non-mandatory guidance on climate change and sustainability issues that highlights the resources available and illustrates ways to fulfil the requirements of the Code?

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* 7. If you Strongly Agree or Agree with question 6, do you think that such guidance should be either

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* 8. Are there additional areas of non-mandatory guidance you would like to see on climate change and sustainability?

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* 9. What, if any, impact do you think the proposals (either in Options A, B, C or D, please specify) would have on users of actuarial work and public confidence in actuarial standards?

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* 10. What are your views on the extent to which these proposals, as a whole, would demonstrate the IFoA’s commitment to promoting the public interest in its regulatory role? Are there any aspects that you think have been overlooked? (please specify)

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* 11. Is there any further support on climate change and sustainability that you would request for Members?

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* 12. If you wish to provide any other feedback not already covered then please do so here:

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* 13. Personal Information

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* 14. Region

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* 15. Are you a member of the IFoA?

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* 16. If yes, which category of Membership do you hold?

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* 17. If you are an actuary, what is your main practice area? (Answer one option only)

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* 18. Do you want your name to remain confidential?

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* 19. Do you want your comments to remain confidential?

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* 20. Name of your organisation (if applicable)

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* 21. Type of organisation (Answer one option only)

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* 22. How many IFoA Members (if any) does your organisation employ?

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* 23. Do you want the name of your organisation to remain confidential?

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* 24. Do these comments represent your own personal views or your organisation’s views?

0 of 24 answered
 

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