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FRC call for feedback on Technical Actuarial Standards

The Financial Reporting Council (FRC) is carrying out a post implementation review of the Technical Actuarial Standards (TASs), and has issued a call for feedback for the current framework for TASs, Technical Actuarial Standard 100 (TAS 100) and potential actuarial standards in relation to IFRS 17. A second, later phase will focus on the sector-specific TASs.

The nature and extent of technical actuarial work and the environment in which actuaries operate has evolved considerably since the publication of the TASs in 2016. These developments are likely to provide new challenges to actuaries.

In taking forward this post-implementation review, the FRC seeks to ensure TASs and other actuarial standards used in the UK continue to support the delivery of high-quality technical actuarial work and satisfy the reliability objective.

A further objective is to consider the positioning of the TASs with respect to the International Standards of Actuarial Practice (ISAPs) which are model standards set by the International Association of Actuaries (IAA). The IAA is the global association that brings together actuarial professions from around the world.

Feedback should be submitted via the online form provided on the FRC’s website and should be received by 17:00 on Friday, 7 May 2021.