The FRC seeks to promote high quality actuarial practice and the integrity, competence and transparency of the actuarial profession for the benefit of all those who rely on actuarial advice.
Following the Morris Review of the Actuarial Profession, published in March 2005, HM Treasury asked the Financial Reporting Council (FRC) to take on responsibility for oversight of the UK Actuarial Profession and the independent setting of technical actuarial standards. This latter task was the remit of the Board for Actuarial Standards until 2 July 2012 when responsibility was passed to the FRC.
The FRC Board and its Committees are advised by an Actuarial Council. The Actuarial Council aims to be a leading authority on actuarial matters, widely respected by the FRC’s stakeholders for the depth and objectivity of its views and for the quality of its engagement with stakeholders. The Actuarial Council seeks to discharge its responsibilities in a manner which commands respect and carries weight so that actuarial matters are fully and appropriately considered by the FRC Board and its Committees.
The FRC relies on the advice of its Councils, the membership of which comprises experienced individuals who are highly respected by the FRC’s wide range of stakeholders. Council members have a range of experience: some with technical expertise and others as users, for example from an investor or corporate background. The Council comprises eleven members, half of whom are “practitioners” (members of the actuarial profession who are currently practising); the remainder are “users” of actuarial information and other stakeholders.
The Council is chaired by Olivia Dickson, one of the non-executive members of the FRC Board.
The first appointees to the Actuarial Council are expected to play an active role in shaping the way in which the Council operates and in particular developing how the Council engages with stakeholders, the FRC Executive and the FRC Board and its Committees.