The Financial Reporting Council, who are responsible for setting standards on technical actuarial work in the UK, are seeking views on their Actuarial Statement of Recommended Practice 1: Financial Analysis of Social Security Programmes. Technical actuarial work related to Social Security Pensions was identified by the FRC as representing a high level of risk to the public interest. The FRC have therefore adopted the model standard International Standard of Actuarial Practice 2: Financial analysis of social security programs (ISAP 2 (2017)) to support the application of TAS 100 to this work in the UK.
The consultation is available on FRC website. The closing date is 31 January 2019.
The IFoA is also considering the adoption of ISAP 2 for members not working in the UK. An Actuarial Profession Standard is being drafted by a Working Party and will be published for consultation in the New Year.
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