Monitoring & scrutiny of actuarial work

The Professional Oversight Board has published recommendations for the UK Actuarial Profession (the Faculty of Actuaries and the Institute of Actuaries) to consider stricter indpendence requirements for pension scheme actuaries, and professional quality assurance requirements for consulting actuaries.

The Board published its recommendations as part of a report on The Actuarial Profession's progress and priorities in regulating its members, which noted the steps the Profession has taken to improve its regulatory capability, including the appointment of Sir Philip Mawer as chairman of its Professional Regulation Executive Committee. The Board called for early finalisation of the Actuaries' Code, on which the Profession is currently consulting, and development of a standard on conflicts in pensions; as well as further clarification of the competence requirements and skill-sets expected of practising actuaries.

The Board's latest recommendations follow a consultation on 'Monitoring and scrutiny of actuarial work', published in May 2008, and a parallel FRC consultation on 'Promoting actuarial quality', which resulted in the development of the FRC's 'Actuarial Quality Framework'. The Profession has agreed to consider the recommendations carefully and respond with initial regulatory proposals and a detailed plan later in 2009.

Monitoring and Scrutiny of actuarial work: Summary of Consultation responses (January 2009)

Discussion Paper: Monitoring and Scrutiny of Actuarial Work (May 2008) - a review (in conjunction with the profession and regulators and including a survey of firms) of the effectiveness of monitoring of compliance with actuarial work. 

Responses to Discussion Paper: Monitoring and Scrutiny of Actuarial Work (May 2008)