The central recommendation of the Morris Review of the Actuarial Profession, published in March 2005, was that the Financial Reporting Council (FRC) should be asked to establish a regime to set actuarial standards and oversee the Profession's broader regulatory responsibilities. The Profession welcomed these proposals. The Government accepted the recommendation in principle and asked the FRC to take on this new role.

The purpose of the new regime is to enhance the quality of actuarial reporting and promote the integrity, competence and transparency of the actuarial profession – to the benefit of all those who rely on actuarial advice.

In April 2006 the FRC assumed its new role in setting actuarial standards by setting up a Board for Actuarial Standards and overseeing the regulation of the actuarial profession by expanding the role of the Professional Oversight Board to cover the Faculty and Institute of Actuaries as well as the various accountancy professional bodies. In preparing for its new role, the FRC benefited from the positive support of the Actuarial Profession. On 18 May 2006 when the Profession handed over the majority of its guidance notes to be adopted by BAS on 19 May, the Presidents wrote an open letter to the BAS Chairman.

Full details of the new regime may be found on the FRC’s website. There are various links from this site to their information.

The Profession has a Memorandum of Understanding with the FRC which describes at a high level our respective responsibilities and has also developed a communications protocol in conjuction with the FRC.