The IFoA has published today a new principles based standard, Actuarial Profession Standard (APS) X1, together with supporting guidance, setting out principles to help its members determine what standards to apply to their work, wherever in the world they are working. It is anticipated that APS X1 will be particularly relevant to actuaries undertaking cross border/ multi national work in all areas of actuarial practice, or in situations where there are no clearly defined local standards, or established practice.
The IFoA has at the same time published guidance on the Financial Reporting Council’s (FRC) suite of new technical actuarial standards (TASs) published today (14 December) for UK actuaries.
The new standards and guidance are due to take effect from 01 July 2017. Outdated material will at the same time be withdrawn, including Guidance Note (GN) 5 and the current TASs. In order to assist members in compliance with the new TASs and APS X1, the IFoA will be producing further support in the form of case studies and training events.
Commenting on the changes, Ben Kemp, IFoA General Counsel, said:
"The new technical actuarial standards are a positive step towards creating a more principles based framework of standards that is simplified but strengthened. The coordinated publication of the FRC standards and the IFoA guidance represents the collaborative work both organisations are undertaking in their role as actuarial standard setters.
“Following extensive consultation, we are continuing to focus on a principles based approach, and to consolidate and withdraw outdated standards wherever possible, consistent with our overarching responsibility to protect the public interest. We aim to achieve an equivalent and appropriate regulatory approach for all of our members, wherever in the world they are practising, to help ensure consistency in the quality of actuarial work of our members. The publication of APS X1 is a significant step in delivering this goal, in the interests of both the profession and, critically, of the public which it serves."
The IFoA TAS guidance and the APS X1 standards can be found here:
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