Actuaries Actuarial Policy Joint Forum on Actuarial Regulation (JFAR)

Joint Forum on Actuarial Regulation (JFAR)

Who is JFAR?

The Joint Forum on Actuarial Regulation (JFAR) was established in 2013 and comprises the Financial Reporting Council, the Institute and Faculty of Actuaries, the Financial Conduct Authority, the Pensions Regulator and the Prudential Regulation Authority. The JFAR is a unique collaboration between regulators to co-ordinate, within the context of its members’ objectives, the identification and analysis of public interest risks to which actuarial work is relevant.

What does JFAR do?

  • The JFAR is not another regulator.
  • It is a forum for the five regulators to meet and collaborate:
    • Share expertise;
    • Identify current and emerging issues;
    • Reduce risk of duplicating or conflicting actions;
    • Reduce risk of regulatory gaps or overlaps;
    • Increase knowledge through engagement with experts to brief it on topical matters;
    • Identify areas where the JFAR can help actuaries and/or users.
  • The JFAR terms of reference can be found here
 

What are JFAR’s outputs?

  • Annual Risk Perspective update; and
  • JFAR Thematic Reviews. (The findings may be reported in separate reports, in observations included within the Risk Perspective or through other activities.)
 

Separate Reports

Observations in the Risk Perspective Update

Other Activities

DB to DC transfers
Group think
General insurance internal reserving reports
(Risk Perspective: 2016 Update)
Impact of low interest rates on insurers and pension schemes (Risk Perspective: 2017 Update)
The role of the actuary in with-profits life assurance
(Risk Perspective: 2017 Update)
Actuarial Function Reports roundtables and feedback sessions (GIRO 2018 and FRC June 2019)
Pensions Working Group considering issues including DB Consolidation, DB to DC Transfers and Pensions Dashboard (ongoing)

 

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