On Apr. 17, UK IFoA proposed new authorization, supervision rules.
UK IFoA proposed new authorization, supervision and complaints rules for designated professional body (DPB) firms and set out rationale for the proposed changes.
Document dated Apr. 11, 2024, was received on Apr. 17, 2024 due to a new feed.
Overview
UK IFoA has conducted a substantive review of DPB Handbook, introduced in 2009.
New proposals designed to make DPB authorization process for applicant firms quicker, easier, more cost effective and better to integrate it with ongoing DPB firm supervision.
Also proposed to revise DPB annual return to focus on data UK IFoA actively uses, help avoid duplication; review firm monitoring visits in light of evolving approach to risk.
Includes proposals to improve complaints handling, by DPB firms and by UK IFoA, so all parties know what to do when something goes wrong, can expect better resolution.
The consultation is likely to be of particular interest to existing DPB firms, or actuarial firms which may be considering making use of the IFoA’s DPB licensing regime.
