A group of actuaries and I met in late November 2019. We felt that the actuarial profession no longer projected its weight. Yet the financial system is in peril from the unintended consequences of regulation through its failure to address sustainability. We wanted to revive a strong spirit of a learned society and thought leadership in the profession. In January 2020, we held a colloquium with a dozen forward-thinking actuaries.
When COVID-19 crisis broke in March, we accelerated our work. We sought to systematically review how the actuarial profession should influence our regulatory systems and the world at large. Inspired by the COVID-19 Actuaries Response Group, Actuaries for Transformational Change, was born.
In this inaugural ATC bulletin, Ashok Gupta outline a list of unintended consequences of our regulatory framework – the damage caused to individuals and our financial system by good intentions. Ashok is a senior, experienced actuary and was the Joint Deputy Chair of a Bank of England Working Group on Procyclicality 2012-2014.
Actuaries have a role in ensuring that these unintended consequences of regulations are eliminated or reduced. The IFoA’s Great Risk Transfer speaks to this. We have to raise the debate on promoting a healthier financial services industry which truly serve the people and create a more sustainable society.
I hope that in the next 12 months, the voice of the IFoA will be more courageous in our engagement with our membership, regulatory agencies and the wider ecology – as we begin to shape opinion and influence outcomes more deliberately.
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