The FRC’s Board for Actuarial Standards (BAS) has today published its draft standard for work performed for funeral plan trusts. Funeral plan trusts provide security for customers’ pre-payment of funeral costs.

This new standard will ensure that the funeral plan trustees are given high quality information about the assets and liabilities of the trust including information about cash flows which will enable them to manage the trust effectively.

Commenting on the draft standard, Jim Sutcliffe, Chairman of the BAS, said:

“The new standard will focus on the financial security of funeral plan trusts. It will build on our recent draft standards for work concerning pensions and insurance. Trustees aim to keep the customer’s money safe and sufficient to meet the future cost of the funeral and this standard will support them by ensuring they receive high quality actuarial information including information about cash flows.”

The consultation period for the exposure draft ends on 15 October 2010. Copies can be downloaded from the BAS’s website at http://www.frc.org.uk/bas/publications/pub2347.html.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
2. The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
3. All media enquiries should be addressed to Jonathan Labrey, Head of Communications, on 020 7492 2395; 0776 0990345 or e-mail: j.labrey@frc.org.uk; or Louise Pryor, Director of the Board for Actuarial Standards, 020 7492 2328 or email at l.pryor@frc.org.uk.