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Following the Morris Review of the Actuarial Profession, published in March 2005, HM Treasury asked the Financial Reporting Council (FRC) to take on responsibility for oversight of the regulation of actuaries by the Institute and Faculty of Actuaries (IFoA) and the independent setting of technical actuarial standards. This latter task was the remit of the Board for Actuarial Standards until 2 July 2012 when responsibility was assumed by the FRC.
The FRC seeks to promote high quality actuarial practice and the integrity, competence and transparency of the actuarial profession – to the benefit of all those who rely on actuarial advice.
The FRC is responsible for:
The setting and maintenance of Technical Actuarial Standards , Actuarial Standard Technical Memorandum 1 and Actuarial Statement Of Recommended Practice 1
Oversight of the regulation of actuaries by the Institute and Faculty of Actuaries (IFoA).
Effective for work completed on or after 1 July 2017
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Specifies assumptions and methods for the calculation of Statutory Money Purchase Illustrations
Statements of Recommended Practice building on the TAS principles
TAS and Adopted Guidance Notes applying prior to 1 July 2017
Applied to SMPIs before 6 April 2017
Current & Historical Consultations, responses, feedback statements and post-implementation reviews