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News from the Financial Reporting Council, September 2010

Funeral plans exposure draft

The consultations on the exposure drafts of the Insurance TAS and the Pensions TAS closed on 16 July 2010 and 21 May 2010 respectively. The BAS is now considering the responses and intends to publish the final Insurance and Pensions TASs later this year.

The consultation on the exposure draft of the TAS on pensions and insurance transformations closed on 27 August 2010. The BAS is now considering the responses and intends to publish the final TAS early next year.

The technical actuarial standard on data (TAS D) applies to data used in aggregate reports completed on or after 1 July 2010. The technical actuarial standard on reporting actuarial information (TAS R) applies to aggregate reports completed on or after 1 April 2010. The technical actuarial standard on modelling (TAS M) will apply to models used in the preparation of aggregate reports completed on or after 1 April 2011. For the three Generic TASs there are documents explaining the significant considerations in their development. These documents are available on the BAS website.

The consultation on TM1: Statutory Illustrations of Money Purchase Benefits closed on 4 June 2010. The BAS intends to publish an analysis of the responses in the coming weeks.

Actuarial Quality Framework

The FRC has updated its Actuarial Quality Framework (AQF) – a guide to assessing the quality of actuarial work for use by actuaries, users of actuarial services, advisers and policymakers.

POB reports and recommendations

The POB issued its annual report to the Secretary of State for Business, Innovation and Skills on 27 July 2010.  Chapter Six on Oversight of the Actuarial Profession sets out the POB’s priorities during 2009/10 and Chapter Eight sets out the POB’s work programme for the coming year. The FRC has also published an exchange of correspondence between the Chairs of the POB (Dame Barbara Mills) and the Professional Regulation Executive Committee (Sir Philip Mawer) assessing the progress and priorities of the Actuarial Profession in regulating its members.

FRC annual report for 2009/10 and Plan and Budget for 2010/11

Following consultation the FRC has published its annual report for 2009/10 and its final plan for 2010/11.

Challenges for users of actuarial information arising from current conditions

The Financial Reporting Council’s (FRC) document Challenges for users of actuarial information arising from current market conditions is aimed at trustees, directors and others who base their decisions on actuarial information. It contains questions which focus on how risks are managed, on understanding the key assumptions and cash flows underlying discounted values and on the quality controls on actuarial work.

Registration for notification of FRC publications

To receive direct notification of BAS, POB and other FRC events and publications, register at the FRC site.