(This is a follow up to this previous article. on LinkedIn and here on this blog.)

Is the Institute and Faculty of Actuaries (IFoA) going too far with its regulation of members? There has been a very active public debate here on LinkedIn over the past week see e.g.

• https://www.linkedin.com/posts/paulteggin_actuaries-code-dei-consultation-there-is-activity-7255515189968617472-FyMj?utm_source=share&utm_medium=member_desktop
• https://www.linkedin.com/posts/davidadamshaffer_dei-ifoa-actuaries-activity-7255536253746515968-OI9b?utm_source=share&utm_medium=member_desktop
• https://www.linkedin.com/posts/sueechiehtan_i-am-signing-paul-teggins-petition-to-object-activity-7254625837512024065-P9ox?utm_source=share&utm_medium=member_desktop
• https://www.linkedin.com/posts/hiteshshah100_ifoa-dei-diversity-activity-7255625469998333953-mzAv?utm_source=share&utm_medium=member_desktop

against the IFoA's proposals to embed controversial "DEI" into the Actuaries' Code and (largely in support of the proposals) IAA President (and IFoA Council member and Chief Actuary at Mercer) @Charles Cowling, Maria Kamenarova, PhD, FRM and @Leah Evans' comments on those posts (particularly in response to former IFoA President Tan Suee Chieh's powerful intervention).

Although it could have, the IFoA has not conducted a poll of its members. The only non anonymous poll (publicised to the largest actuarial group on LinkedIn and elsewhere) was 2 IFoA members for, and 42 IFoA members and 7 ex IFoA members against the "DEI" proposals.

In echoes of the significant unhappiness last year in the way the surprise governance changes were handled (when a similar number of senior actuaries wrote in objecting to the changes, or at least to the lack of transparency and proper consultation) 98 IFoA members and 7 former members have co-signed Paul Teggin's consultation response opposing the proposals.

It is increasingly clear that the IFoA is losing the hearts and minds of a significant number of experienced members. Unfortunately, it doesn't seem to have listened to the concerns raised last year. For anyone who wants to and hasn't yet, the deadline for responses to the "DEI" consultations is 29 October.

The IFoA acts as if members have no alternative. For many years they have been right.

Time for change

As you may know, I am working on setting up NewOrg, an actuarial organisation that is designed to go back to a time when an actuarial membership body concentrated on regulating that its professionals behaved with integrity and competence in their work, and didn't overreach into members' personal and political lives.

IFoA current and former members will be able to register their interest in that within a day or two at the latest.

#actuaries #competition #valueformoney #transparency