As a result of the Morris Review, with effect from May 2006 technical actuarial standards have been set by a new independent body, the Board for Actuarial Standards, working under the Financial Reporting Council who also oversee the Profession's broader regulatory responsibilities. This creates the opportunity to review the role of the Professional Body in the post-Morris world.

In September 2005, the Profession's Strategy and Policy Committee published a discussion paper entitled The Actuarial Profession - Strategy Review as the basis for consultation on the future role and direction of the Professional Body. We invited responses from members to a list of consultation questions and received substantial feedback.

This indicated that a large majority of members would support a strategy that primarily focuses on supporting members throughout their careers so they have the skills, attributes and knowledge appropriate for the evolving needs of the UK financial sector, primarily as quantitative risk professionals.

The Presidents' letter to members in April 2006 explained the outcome of the strategy review and how the planning and implementation phase of the work would be managed.

The following article from The Actuary outlines the key outcomes of the strategy implementation project and the improvements in services and support that actuaries can expect in the future:

• New strategy / New structure. Sep 2007
  Ronnie Bowie
• Support for the future. Aug 2007
  Stewart Ritchie and Nick Dumbreck

Background information

• Letter to members from the Presidents Apr 2006
• The Actuarial Profession - Strategy Review paper Sep 2005
• The Actuarial Profession - Strategy Review - the way forward
  letter to members from the Faculty and Institute Presidents, The Actuary, May 2006
• Information about the regulation of the Actuarial Profession by the FRC on the FRC website
• Membership of the Board for Actuarial Standards
• The Morris Review