New proposals after “fundamental questions” about quality
The Financial Reporting Council (FRC) has published two papers calling for tougher regulation of actuaries working in life and pension and in general insurance.
The FRC has listed six proposed drivers of actuarial quality:
- Reliability and usefulness of actuarial methods
- Technical skills of actuaries
- Communication of actuarial information and advice
- Ethics and professionalism of actuaries
- Working environment for actuaries
- Other factors outside the control of actuaries
Sir John Bourn, Chairman of the Professional Oversight Board, said: “Our paper raises some fundamental questions about the role of the Actuarial Profession in monitoring the activities of its members and about the increasingly important role of actuarial firms.”
Paul Seymour, Chairman of the Board for Actuarial Standards, commented: “It is important for all of us to have a shared understanding of what actuarial work is and the factors which can make it of high quality.”
The consultation ends on 30 September 2009.
