In March, the UK Department for Business, Energy and Industrial Strategy (BEIS) published its long-awaited White Paper on reform of audit and corporate governance. Within this, it set out important proposals for the future of UK actuarial regulation. Following extensive engagement with members, government, regulators and other stakeholders, the IFoA has now submitted its response to these proposals.
This included more detail about the role of a proposed new regulator – the Audit, Reporting and Governance Authority (ARGA) which is the body expected to replace the Financial Reporting Council (FRC) in 2023.
Under the proposals, ARGA will take on statutory oversight of the IFoA’s regulatory function and will set legally binding UK technical actuarial standards. Currently, these roles are carried out by the FRC under a Memorandum of Understanding with the IFoA.
It is also proposed that ARGA’S role could extend to monitoring compliance with those technical standards and taking action for compliance failures. The paper also considers the possibility of those technical standards applying to entities carrying out actuarial work, in addition to individual actuaries.
The IFoA’s consideration of the recommendations and the consultation response has been led by a special group called the IFoA Regulatory Strategy Steering Group. This is made up of the Presidential Team, Council members, Regulation Board Members and the Executive Leadership Team.
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