One of the central recommendations 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 by the Financial Reporting Council. The FRC assumed this responsibility in April 2006 and agreed a Memorandum of Understanding in May 2006 (now updated
) with the Institute of Actuaries and the Faculty of Actuaries in Scotland which have since merged to form the Institute and Faculty of Actuaries
The FRC works closely with other bodies involved in the regulation of actuaries or their work, including the IFoA, the Pensions Regulator
(tPR), the Prudential Regulation Authority
(PRA), the Financial Conduct Authority
(FCA) and the Funeral Planning Authority
Through these arrangements, 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 or are affected by it.