Actuarial Profession welcomes FRC reform proposals

Commenting on the proposals to reform the Financial Reporting Council (FRC) published today by the Department for Business, Innovation & Skills and the FRC, Jane Curtis, President of the Institute and Faculty of Actuaries,  said: “We welcome the intention of the proposed reforms to simplify the structure and improve the focus of the FRC as we look to work together to serve the public interest.  We are pleased that the final report takes account of some of the points we made in our response to the consultation.  We look forward to continuing to work in partnership with the FRC to ensure that the reshaped organisation works as effectively as possible in the interests of all users and providers of actuarial services.”

ENDS

Notes to editors:

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
3. The Profession is governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
4. The Profession is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.