We recently consulted upon proposals for changes to our regulatory framework on climate change and sustainability issues. Our proposals aimed to signify the importance of these issues for our members and equip them to deal with their professional responsibilities. The consultation set out a range of options, rather than a specific proposal, and views were invited on the different possible approaches. The consultation package can be found on our website.
Today we have published the outcome of that consultation process and set out our response to your feedback. The responses to the consultation indicate a clear demand for more learning opportunities and education for actuaries, as well as practical guidance and advice on incorporating these issues while wider industry understanding and approaches continue to develop.
As a result, we have made regulatory commitments including reinforcing the importance of climate change and sustainability issues by developing guidance for members to support the existing Actuaries’ Code requirements and issuing an up-to-date Risk Alert.
“By issuing this new Risk Alert, we are emphasising to members a risk that actuaries need to evaluate as to whether they are considering appropriately, or communicating clearly, the impact of climate change and sustainability. The Risk Alert is part of a series of commitments by the Regulatory Board as a result of the recent consultation and seeks to emphasise to members how the current regulatory requirements, such as the Actuaries’ Code, apply in this area.”
Members can send any queries on the above to the IFoA Regulation Team.