Tag Archives: actuarial profession

Dr Geraldine Kaye attends meeting of CPD Co-ordinators’ (of the Actuarial Profession)

Our MD Dr Geraldine Kaye (in front in an orange jacket) attending a meeting of  CPD Co-ordinators (of the Actuarial Profession) held  in London, in November this year. As you can see there was a great turnout and everyone had an enjoyable day.

Our MD Dr Geraldine Kaye (in front in an orange jacket) attending a meeting of CPD Co-ordinators’ (of the Actuarial Profession) held in London, in November this year. As you can see there was a great turnout and everyone had an enjoyable day.

LSE Actuarial Society’s annual CV & Interview Workshop, conducted by the GAAPS

Last month Dr Geraldine Kaye and Kerry Lofts ran GAAPS annual CV and Interview skills workshops at LSE Actuarial Society. It is always a pleasure in my line of work to help those just starting out along the long road of Actuarial exams.

This year’s students were thoroughly engaged, asking fantastic questions whilst we dissected their CVs and naturally we were also delighted to receive such positive feedback from the LSE Actuarial Society, with all students giving us 100% on their feedback sheets.

So, thanks again to everyone who attended the workshop. It was a pleasure meeting you all and we look forward to seeing you again next year.

GAAPS Actuarial is one of the most respected specialist Actuarial Recruitment Consultancies worldwide, and has earned a reputation for providing an efficient executive service to both candidates and employers.

The cost of this summer’s wet weather has yet to be calculated

UK household insurers had a good 2011 – but floods will have an impact

Figures show that 2011 was the fourth consecutive year when UK home insurance premiums either met or exceeded the cost of claims and expenses.

Home insurers in 2011 posted a net combined ratio of 89. In 2007, the most recent year to experience widespread flooding, the net combined ratio was 120.

James Rakow, insurance partner at Deloitte who compiled the figures comments “At an industry level, the size of the home insurance market remains stable with annual premiums worth about £6.5bn. Profitability improved in 2011 because it was a relatively benign year for weather-related losses compared to 2010, when the insurance industry was hit hard by the extremely cold weather that Britain experienced in the December.

“The cost of claims arising from the floods that have swept across the country over the past few weeks will be the greatest since the 2007 flood losses, and will make insurers, reinsurers and other agencies look again at their flood models to check how well they predict the cost of flood claims,” he adds.

Important message from the Institute and Faculty of Actuaries about your CPD record

When did you last update your CPD record?  Will you be compliant by 31 July deadline? Please read the notes below for important advice regarding the current CPD reporting year :

Members in Category 2 are reminded that:

•the current CPD year ends on 30 June 2012; and

•the deadline for completing your on-line CPD record for the current period is Tuesday 31 July 2012.

No changes to CPD records will be possible after this date so, in order to be compliant for the current period, it is important that you log in and complete your record by close of play on 31 July.

No central monitoring of CPD records

During the previous reporting period (2010-2011), CPD requirements changed significantly; as a result of these changes, the Profession found that many CPD records were inadequately completed.  In recognition of the extent of the changes, the CPD team carried out a monitoring exercise and, where necessary, corrected inaccurate or inadequate reporting to bring records up to date.

In May 2012, the Profession transferred all member records to a new member database; as a result, for this and for all future CPD reporting periods, no central correction of inaccurate CPD reporting will be possible.  It is therefore stressed that this is now the responsibility of each member to ensure that their record is correctly completed by the 31 July deadline.

To help you, personal reminders will be issued in July, and further information about recording CPD can be found in the CPD area of the website.

Changes to the CPD recording pages/Verifiable CPD

Following the introduction of the Profession’s new membership database, next time you access your online CPD record you will see some small changes to the CPD recording pages.  These are designed to make CPD recording easier and more accurate: for example, you will be able to distinguish more easily between internal and external CPD events.

You will also find that the tick box which indicated whether a CPD activity was verifiable or non verifiable is no longer available.  Members are reminded that all CPD is verifiable; verification for ‘Private Study’ is indicated by completion of the ‘Learning outcome’ in your CPD record.  Please make sure that you complete this box when entering new records.

Partially regulated members

For partially regulated members, the introduction of the new database means that CPD can no longer be recorded on the Profession’s system.  Partially regulated members should now use their own regulator’s system to record their CPD.

 

Further information

Further information about your CPD requirements, please visit the following web pages:

•CPD Scheme 2011-2012

•Frequently asked questions

For further assistance please contact:  cpd_feedback@actuaries.org.uk

Institute and Faculty of Actuaries publishes conflicts of interest package

The Conflicts of Interest Working Party of the Institute and Faculty of Actuaries has now put the final touches to its package of conflicts of interest material.

The full package of material, which includes Actuarial Profession Standards (APSs) for pensions (APS P1) and life actuaries (APS L1 – which came into force on 1 October 2011), a guide for actuaries on conflicts of interest and a note for pension scheme trustees, can be found here.

The Working Party is also planning information evenings to explain how the conflicts of interest package will operate and to discuss the potential implications and practical effects it may have on members. The sessions are designed to help prepare members and firms in advance of the full regulations implementation date of 1 July 2013.  The dates and venues are:

•12 July – London, Staple Inn: 5.30–7.00pm

•19 July – Edinburgh, Maclaurin House: 5.30-7.00 pm

•2 August – York: Aviva Office, Board Room 6th floor, Wellington Row, York, YO90 1WR: 5.30-7.00pm

These initial evenings are open to all members of the institute but are primarily targeted at CPD co-ordinators and professionalism committee members.   More events targeted at members in general will be held during October to December 2012. Further information will be made available closer to those dates.

Members are entitled to claim up to one and a half hours of CPD for their participation in one of these evenings. Please remember to sign the attendance sheet to verify your attendance and to record it in your on-line CPD record.

If you plan on attending one of the above events, it would be appreciated if you could RSVP to adam.eggleton@actuaries.org.uk. Drinks and nibbles will also be provided.

 

Actuaries and the Law

The programme for this year’s annual seminar on the legal developments in the pension industry that takes place in September has been released.

The seminar will take place on 13 September 9:30 to 16:15 with registration 09:30 – 10:00. The seminar will provide some insights into the recent developments, in what has been a year of major change for the pensions industry.

James Rickards from Outer Temple Chamber will be leading the session on current Case Law exploring:

•the complexities of Statutory Employer

•how Section 75 debts and Flexible Apportionment Arrangements may impact on advice to client

•helping to protect yourself against professional negligence

•how to protect yourself in cyberspace reflecting the changing world in which advice is given

The Event will take place at Staple Inn and if you book before 16 August you will be entitled to an early bird discount. After this date the cost will be as follows:

Members: £345.00 Non-members: £445.00

A limited number of bursary places are available for those who are not in remunerative employment, or who work within a university. A group discount of 10% is available for six or more attendees from the same company booking at once. Please contact 0207 632 1498 for more information.

Philip Scott becomes president of the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries have announced their new President, Mr Philip Scott who took over from Ms Jane Curtis who held the post between June 2011 and June 2012.

Mr Scott is a non-executive director of the Royal Bank of Scotland and Diageo plc and has worked in the financial services industry for 37 years, and was previously chief executive of Aviva International and Norwich Union Life and chief financial officer of Aviva plc.

In his new role as president he will bring his understanding of risk, finance, international operations and business management in the investment and life & pensions industries to the Profession.

At the annual general meeting, Mr Green thanked Ms Curtis for her work over the past year, and highlighted the important role actuaries had to play in management and leadership of financial services businesses worldwide. He said he hoped to help the Profession take a ‘leading role’ over the next 12 months as well as helping develop policy and regulation and working to improve communication between the financial services industry and consumers.