Call for Feedback on Sector Specific Technical Actuarial Standards

Published: 1 August 2022

Response deadline: 8 July 2022

Consultation document
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Title Call for Feedback on Sector Specific Technical Actuarial Standards
Format pdf, 932.5 KB
The Financial Reporting Council (FRC) is carrying out a post implementation review of the Technical Actuarial Standards (TASs) and has today issued a call for feedback on the current sector specific TASs, namely the Technical Actuarial Standards 200, 300, 400 (TAS 200, 300, 400), Actuarial Statement Of Recommended Practice 1 (ASORP 1), and other potential sector specific areas which might benefit from further technical standards.
The post implementation review of the TASs and other actuarial standards is being carried out to ensure they continue to support the delivery of high-quality technical actuarial work and satisfy the Reliability Objective.
The nature and extent of technical actuarial work and the environment in which actuaries operate has evolved considerably since the publication of the TASs in 2016. In the traditional areas of insurance and pensions, the change or introduction of new regulations are changing market practice which in turn drives a change in the technical actuarial work being performed in these sectors. This includes the introduction of IFRS 17 in the insurance sector, defined benefits pension schemes’ funding code, pensions freedoms, and legislation in relation to the Collective Money Purchase Schemes in the pensions sector. Actuaries are also expanding into new areas, such as investment, finance, and modelling work conducted related to the pandemic. All these developments are likely to provide new challenges to actuaries. As part of the FRC’s effort to seek comprehensive feedback on the TASs the FRC is publishing this Call For Feedback to invite feedback to help inform the FRC’s thinking as the FRC considers what, if anything, needs to be changed in the way that technical actuarial work is regulated.
The call for feedback closes on 5pm, Friday, 8 July 2022.

Position Paper

We published a position paper on 1 February 2023 summarising the responses  to the call for feedback on sector-specific Technical Actuarial Standards (TAS).
The feedback showed the TASs are generally supported as effective in promoting high quality actuarial work and their principles-based nature allows for the use of judgement and proportionality, resulting in practitioners focusing on the goals of the TASs rather than compliance.

Consultation status: closed