Actuaries

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.

Current projects

In line with the FRC Plan 2009/10, the main priorities for the actuarial oversight team are to:

• monitor the regulatory activities of the actuarial profession in relation to its members (see the Actuarial Profession’s progress and priorities in regulating 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.
• In conjunction with the Board for Actuarial Standards, promote the FRC's Actuarial Quality Framework and keep it under review.
• keep under review FRC guidance on challenges for users of actuarial information.
• publish and follow up the review of the effectiveness of monitoring and scrutiny of actuarial work, making recommendations to the actuarial profession based on consultation responses.

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 or actuarialoversight@frc.org.uk