FRC publishes targeted questions for users of actuarial information
30 November 2011
FRC PN 346
The Financial Reporting Council (FRC), the United Kingdom’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment, has published a series of questions which users of actuarial information may wish to ask themselves and their actuaries. The sets of questions are targeted at particular user groups and cover specific areas of work:
Pension scheme trustees - pension scheme funding (PDF)
Non-executive directors of life insurers - technical provisions and capital (PDF); and
Non-executive directors of general insurance - technical provisions and capital (PDF).
The questions are not exhaustive or intended to apply in every case. They do not replace specific regulatory guidance. They are intended to stimulate discussion and improve understanding of relevant issues, and thereby promote the quality of actuarial work.
Paul Kennedy, FRC’s Acting Director of Actuarial Standards, said:
“We hope the questions are helpful to the specific user groups as well as other professionals such as auditors, analysts, managers, and investors; and of course to actuaries themselves who need effective dialogue and scrutiny by users of their work to support their delivery of high quality advice.”
Notes to Editors
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
The Professional Oversight Board oversees the regulatory activities of the Institute and Faculty of Actuaries (the Actuarial Profession) in relation to its members. This includes education, training, continuing professional development, standards (except those which are the responsibility of the BAS), ethical matters, professional conduct and discipline, issuing practising certificates and monitoring, as well as making recommendations on how these activities might be improved.
Document created under a former FRC operating body.