1. Aim
   Our overall aim is:
   • To establish and improve actuarial standards, primarily of a technical nature, to ensure that they are coherent, consistent and comprehensive and thereby to help promote high quality actuarial practice.
   
   
2. Objectives
   Our objectives are to:
   
   • Develop an appropriate conceptual framework to guide the setting of relevant actuarial standards, including the explicit objectives and characteristics of such standards.
   • Create a process for the development and adoption of standards which ensures that the objectives of the conceptual framework can be applied in practice.
   • Issue new relevant actuarial standards, or amend existing ones, in response to evolving commercial practices, economic developments and deficiencies identified in current practice with, where appropriate, written case studies or practical guidance in support of those standards.
   • Take account where appropriate of the regulatory requirements of the legislation, the Financial Services Authority, The Pensions Regulator and any other relevant regulatory body. Liaise with the Actuarial Profession regarding areas of practice for which new standards may be required or existing standards should be modified or clarified.
   • Consider the need for a generic standard for the communication of actuarial advice.
   • Address urgent issues promptly.
   • Liaise with the International Actuarial Association, other international bodies, national standard-setters and EU institutions on the development and application of international actuarial standards.
     
     
3. Membership
   The membership of the Board is chosen to represent a cross-section of groups with an interest in actuarial standards, and lay members.
   Membership includes:
   • Practising UK actuaries, covering different areas of actuarial practice
   • Users of actuarial advice provided to:
     • insurance companies
     • corporate pension scheme sponsors
     • trustees
   Membership may include persons concerned with other financial organisations such as banks, securities firms, fund managers and investment advisers, or other persons who have an interest in actuarial practice, including consumer representatives, members of other professions which work with actuaries, and academics (e.g. economists, statisticians and demographers). The following organisations are entitled to appoint observers to the Board:
   • DWP, FSA, TPR, HMT
   • such other organisations as the Board shall agree
   
   
4. Operating guidelines
   In carrying out its work, the BAS will:
   
   • Work on the basis that well informed users are the best regulators.
     
   • Target the use of its powers, taking a proactive, risk-based and proportionate approach, making effective use of Regulatory Impact Assessments.
     
   • Emphasise principles and clarity in its standard-setting.
     
   • Be consultative - involving preparers, users of corporate and actuarial reports, the wider public and other regulatory organisations in its decision-making and allowing adequate time for consultation, without compromising its independence or confidentiality.
     
   • Take account of any emerging EU and global approaches to actuarial standards.
     
   • Be transparent, accountable and efficient in its work, and ensure that it receives appropriate publicity.
     

Footnote

In May 2006, the FRC and the Actuarial profession agreed a Memorandum of Understanding setting out their respective responsibilities for actuarial regulation. Arrangements for communications between the actuarial profession and the FRC were agreed in October 2006.

The Actuarial Profession will continue to set ethical standards. The Profession's arrangements for setting these standards and the standards themselves are overseen by the FRC's Professional Oversight Board (POB). The BAS has a reserve role to set ethical standards if asked to do so by the Professional Oversight Board or if it otherwise considers this appropriate.