Regulation
The aim of our regulatory regime is to enhance the quality of actuarial reporting and promote the integrity, competence and transparency of the Actuarial Profession to the benefit of those who rely on actuarial advice.
The Financial Reporting Council (FRC) is the UK's independent regulator and is responsible for promoting confidence in corporate governance and reporting. It also oversees the setting of technical actuarial standards through the FRC's Board for Actuarial Standards (BAS). The FRC oversees the regulatory activities of the Profession through its Professional Oversight Board (POB). The POB's role includes monitoring the Profession's education, training, CPD, ethical matters, professional conduct and discipline and issuing practising certificates.
Actuaries must comply with standards produced by the Profession and the BAS. The BAS is responsible for setting technical actuarial standards and the Profession is responsible for setting and maintaining ethical standards.
Actuaries must also comply with the professional requirements in the Charter, Bye-laws, Rules and Regulations of the Institute and Faculty of Actuaries, the regulatory body for actuaries in the UK (also known as the Actuarial Profession). The Profession also deals with complaints against its members concerning professional misconduct.
You can view current versions of Actuarial Profession Standards, an archive of Guidance Notes issued by the Profession and the BAS's current standards at the Professional Standards Directory. You can also visit the FRC's website here.
If you have a query about any aspect of actuarial guidance, you can view details of our fully confidential Interpretation Service, which covers all these standards.
Diagrams illustrating how the Institute and Faculty of Actuaries' constitutional and regulatory framework operates in practice can be found by clicking on the titles below:
Hot topics
20 January 2012: TM1: Statutory Money Purchase Illustrations: Version 2.0
The Board for Actuarial Standards issued TM1: Statutory Money Purchase Illustrations: Version 2.0 on 22 December 2011 which is effective for statutory illustrations with an illustration date on or after 6 April 2012. For further details, please click Professional Standards Directory Update 25.
22 December 2011: TAS Awareness
TAS awareness sessions were held at both the GIRO and Life conferences this year. They are available as audio files/podcasts:
10 October 2011: Conflicts of interest consultation paper published and consultation meetings
The Actuarial Profession published a consultation paper with accompanying appendices of considerable importance to all members on conflicts of interest on 10 October. The consultation closed on 10 December. The Working Party is currently analysing the responses received to the consultation and will update members and interested stakeholders further in the new year.
Here is a transcript of the consultation session that was held in London on 24 October 2011 and an audio recording/podcast of the session held in Edinburgh on 1 November 2011.
Page updated: 2 February 2012