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 seeks to promote high quality actuarial practice and the integrity, competence and transparency of the actuarial profession – to the benefit of all those who rely on actuarial advice.
The FRC is responsible for:
The Institute and Faculty of Actuaries
sets ethical and conduct standards for its members, subject to independent oversight by the FRC. The FRC has a reserve power to set ethical actuarial standards if it has concerns about the quality of existing ethical actuarial standards or it otherwise believes this to be appropriate.
The FRC and the Institute and Faculty of Actuaries have agreed a memorandum of understanding
setting out their responsibilities for the setting of actuarial standards and the regulation of members of the Institute and Faculty of Actuaries.
The FRC operates within a Scope and Authority of Technical Actuarial Standards
and develops standards in accordance with a Conceptual Framework for Technical Actuarial Standards
Actuarial quality framework
Questions for users of actuarial information
Actuarial User Group