UKSA is delighted to report that Martin White has won the prestigious Frank Redington Prize awarded by the Institute and Faculty of Actuaries (IFoA).
Martin submitted the winning paper answering the following competition brief:
“What would be a sustainable economic and finance system for the public interest? This would be a wide-ranging paper on what has gone wrong in the last 30 years in the context of the British and Anglo-Saxon financial services industries – and what can be done to improve the situation and the sector. The risks we have are systemic. There is an over-emphasis on growth and the use of share prices as a proxy of growth in value, leading to planetary degradation and biodiversity loss – an ecological disaster happening in real time. The professions and business are conflicted, as most financial professionals are employed by organisations that have a primary purpose of creating shareholder value. The benchmarking of investment returns and mandates leads to herding behaviour and unintended long-term consequences. What needs to change? What needs to be reformed? What immediate and practical changes would you recommend?”
The Frank Redington essay competition was announced by the IFoA at the end of 2021, with a deadline for entries in May 2022. The award event was live-streamed and is available to watch again on YouTube. Here is the link to the full session: Frank Redington Prize Evening - YouTube.
Here is the link to the IFoA announcement of the results: IFoA reveals winners of Frank Redington Prizes (actuaries.org.uk) and here is the link to the papers themselves: The Frank Redington Prizes (actuaries.org.uk).
