A
almost_there
Member
https://news.sky.com/story/audit-watchdog-chief-haddrill-bows-out-amid-government-probe-11537232
FRC provide 'oversight' to IFoA.
FRC provide 'oversight' to IFoA.
Ok... so....?
Is there something wrong with IFoA financial reports?
The Kingman review made a public call for information about the FRC and the IFOA but the IFoa only advised its members about the possibility to submit information once the deadline had passed
After stating that no one is impacted by the curriculum change, the ifoa claim “majority or average student” won’t be impacted by the curriculum changes.
Upon digging through thousands of pages of useless rubbish sent to me by the ifoa, I found that 10,000 out of 16.000 students will be impacted, it is hardly a minority!
Given its a numerate profession, there is no excuse for IFoA to get confused between the terms no one, majority, average, from etc.
Mr Derek Cribb is a qualified accountant, who should also know the difference.
I'm guessing this matter is not in FRC's remit...
Who will now believe anything IFoA and specifically their CEO says? They're making all kinds of promises on the Chartered Actuary qualification too.
It's not the first time the IFoA CEO has had his statements come back to haunt him. He went to the UK Govt in/around 2011 to claim there was a shortage of actuaries in the UK but upon asking him directly and IFoA several times how they came to this conclusion, what the underlying data was, nothing was produced. A year later IFoA didn't turn up to say anything one way or the other when the UK Govt opened the consultation to others, and as a result actuaries were removed from the shortage occupation list. IFoA Council meetings & The Actuary magazine mentioned actuaries being added onto the list but no mention was made of this removal.
No this complaint was not even taken up by the ifoa or mr cribb’s own qualifications body or the FRC
Here's a submission to the Kingman review that might be of interest, from the UK Shareholder Association:
http://www.uksa.org.uk/sites/default/files/FRC_Kingman Review_Questions_and_Submission.pdf
Actuarial oversight
Q26. Have the arrangements put in place following the 2005 Morris Review stood the test of time
or is there a need for change? Should actuarial regulation be a focus for the Review’s work?
The Institute of Actuaries is the professional organisation responsible for regulating actuaries, but
this appears largely autonomous and there is no evidence that the indirect oversight by the FRC has
improved on the situation post-Equitable. For example, the IFoA did not attempt to stop the industry
lobbying for the ‘Matching Adjustment’ addition to Solvency II, even though it was objected that
‘there is not a single academic who will back the argument that discounting liabilities is a sound
economic principle’.
The Institute’s approach has also come under implicit criticism from the PRA’s
recent consultation paper 13/18.