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International Standards and APS X1

The Institute and Faculty of Actuaries (IFoA) sets out in the Actuarial Profession Standard (APS) X1 principles to be applied by members to determine which standards they must or should be applying to a piece of work

As a starting point, it clarifies that all members, regardless of where they are located or whether the work is being carried out in the UK or elsewhere, must apply the Actuaries’ Code and relevant APSs.

APS X1 also sets out principles for members to follow in identifying and applying appropriate standards to their work. This is likely to be of particular relevance for those members working in geographically complex situations or where there are competing standards that might apply to their work.

For members carrying out work that is within ‘UK Geographic Scope’, there is a requirement to apply the FRC’s Technical Actuarial Standards (TASs) which can be found on their website.

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