The central recommendation of the Morris Review of the Actuarial Profession (published in March 2005) was that self-regulation by the actuarial profession should be subject to independent oversight and standard setting by the Financial Reporting Council. The FRC assumed this responsibility in April 2006 and agreed a Memorandum of Understanding with the Actuarial Profession in May 2006. Further information about the FRC's responsibilities for actuarial regulation, and the activities of other FRC bodies may be found at: http://www.frc.org.uk/about/regulation.cfm
The Professional Oversight Board oversees the regulatory activities of the professional actuarial bodies (the Faculty of Actuaries in Scotland and the Institute of Actuaries, collectively known as the Actuarial Profession) in relation to their members. This includes education, training, continuing professional development, standards (except those which are the responsibility of the Board for Actuarial Standards), ethical matters, professional conduct and discipline, issuing practising certificates and monitoring, including making recommendations on how these activities might be improved.
Recent publications include:
Discussion Paper: Monitoring and Scrutiny of Actuarial Work (May 2008)
The Actuarial Profession’s progress in implementing the recommendations made to it by the Morris Review: A follow up to our report of December 2006 (January 2008)
Professional Oversight Board expresses concerns about proposed Actuaries' Code (December 2007)
Current projects
In line with the FRC Plan & Budget for 2008/09, the main priorities for the actuarial oversight team are to:
- publish in conjunction with the Board for Actuarial Standards a discussion paper on the drivers of actuarial quality
- publish and follow up the review of the effectiveness of monitoring and scrutiny of actuarial work by making recommendations to the actuarial profession based on consultation responses
- monitor the regulatory activities of the actuarial profession in relation to its members
- monitor developments, assessing those issues that could adversely affect public confidence in actuaries, and, where appropriate, undertake more detailed research and make recommendations to the professional bodies or recommend the development of new standards.
If you wish to speak to someone on the actuarial oversight team, please call:
Paul Kennedy (020 7492 2347) - Head of Actuarial Oversight
or
Jon Thorne (020 7492 2333) - Project Manager
or e-mail :
Christina Trickett on c.trickett@frc.org.uk
