9 March 2026
The IFoA has long championed consumer fairness through its thought leadership, including initiatives such as The Great Risk Transfer. Financial institutions have held responsibilities in this area for many years, most recently reinforced in the UK through the FCA Consumer Duty. While the UK government’s regulatory priorities have evolved, with greater emphasis on competition and growth, the FCA Consumer Duty remains in force, and the actuarial profession’s duty to act in the public interest is unchanged. Across all practice areas and territories, actuaries often need to navigate the balance between commercial considerations with the interests of consumers.
This thematic review will explore how actuaries influence and support consumer fairness within their organisations. It will examine the extent to which actuaries consider consumer needs and promote fair access to financial products across diverse customer groups. The review will also provide the IFoA with an opportunity to better understand the types of roles in which actuaries engage with consumer fairness, and how effectively members in these roles are supported by the IFoA’s regulatory framework, education and lifelong learning, and thought leadership.
For the purposes of this review, a focused and manageable scope is required to generate meaningful insights that can inform the IFoA’s future offering. With this in mind, the review will concentrate on the insurance and investment sectors (including defined contribution pensions), examining functions such as pricing, product design, risk management, and investment strategy. It will be delivered through a combination of questionnaires and interviews, inviting participation from IFoA members and the organisations they represent.
The review will remain open for submissions until Friday 15 May 2026. All materials will be available on the IFoA’s current and planned reviews page. Members are welcome to contact the IFoA review team with any questions at review@actuaries.org.uk.