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Standards updates

The updates on this page provide details of Actuarial Profession Standards (APSs) which have been amended, withdrawn or newly issued, and updates from the Financial Reporting Council
2019 updates  
Update 45, Issued 19 March 2019

Minor amendment to standard APS X1 Applying Standards To Actuarial Work

Read the full update

 

2018 Updates  
Update 44
Issued 20 April 2018

Revised Standard: APS X3 The Actuary as an Expert in Legal Proceedings  
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2017 Updates  
Update 43
Issued 1 August 2017
Revised Standards come into effect on 1 September 2017:
APS G1: The Chief Actuary in Non-Life.  Version 2.0
APS L2: Duties and Responsibilties of Life Assurance Actuaries.  Version 3.0
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Update 42
Issued 29 March 2017
TAS 100: Prinicples for Actuarial Work
Read full update
2016 Updates  
Update 41
Issued 16 December 2016
APS X1: Applying Standards to Actuarial Work; and TAS 100: Principles for Actuarial Work
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Update 40
Issued 18 May 2016
Revised Standard:  APS D1 Investment Related Business Activities for Authorised Professional Firms
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2015 Updates  
Update 39
Issued 1 December 2015
Revised Standard: APS L1 Duties and Responsibilities of Life Assurance Actuaries
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Update 38
Issued 1 December 2015
New Standard: The Chief Actuary in Non-Life Insurance:  APS G1 Introduced
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Update 37
Issued 30 November 2015
New Standard: Duties and Responsibilities for Actuaries Working for UK Trust-Based Pre-Paid Funeral Plans: APS Z1 Introduced
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Update 36
Issued 08.07.2015
New Guidance on the Actuary and Activities Regulated under FSMA 2000 and the withdrawal of the IAN: The Actuary and Activities Regulated under FSMA 2000
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Update 35
Issued 16.03.2015

Withdrawal of APS P2, effective 1 July 2015
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Update 34
Issued 29.01.2015

APS X2: Review of Actuarial Work – Version 1.0, effective from 1 July 2015
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Update 33
Issued 09.01.2015

AS TM1: Statutory Money Purchase Illustrations – Version 4.1, effective from 6 April 2015
Read full update

2014 Updates  
Update 32
Issued 24/10/2014
APS X3: The Actuary as an Expert in Legal Proceedings - Version 1.0, effective 01.01.2015
Read full update

Update 31
Issued 28.02.2014

APS P2: Compliance Review - Pensions - Version 1.1

APS G2: Actuarial Reporting for Lloyd's Syndicates writing US business - Version 1.1

APS L1: Duties and responsibilities of Life Assurance actuaries - Version 1.1

APS L2: The Financial Services and Markets Act 2000 (Communication by actuaries) Regulations 2003 - Version 1.1

Read the full update

2013 Updates  
Update 30
Issued 26.09.2013
Actuaries' Code (version 2.0) Update
Update 29
Issued 31.05.2013
APS P1: Duties and Responsibilities of Members Undertaking Work in Relation to Pension Schemes (version 2.0) Update
Update 28
Issued 15.02.2013
IAN: The Actuary as an Expert Witness (version 2.0) Update
Update 27
Issued 29.01.2013

APS D1: Investment Related Business Activities for Authorised Professional Firms (version 2.0) Update

AS TM1: Statutory Money Purchase Illustrations (version 3.0) Update

2012 Updates  
Update 26
Issued10.05.2012
Deletion of IAN : The Risks of Derivative Exposure Update
Update 25
Issued 20.01.2012
TM1 Statutory Money Purchase Illustrations (Version 2.0; 22 December 2011) Update
2011 Updates  
Update 24
Issued 01.09.2011
Cross-practice Area Announcement: New TASs and Withdrawal of GNs (effective 1 October 2011) Update
Update 23
Issued 01.03.2011
New Pensions APS
APS P1: Duties and Responsibilities of Pensions Actuaries (effective 1  April 2011; Version 1.0) Update
 
APS P2: Compliance Review - Pensions (effective 1 April 2011; Version 1.0) Update
Update 22
Issued18.02.2011
Funeral Plans TAS Update
2010 Updates  
Update 21
Issued 02.12.2010
Amendments to GN09: Funding Defined Benefits (version 9.0)
and GN12:  General Insurance Business - Actuarial Reports (version 5.0) Update
Update 20
Issued 15.11.2010

APS G2: Actuarial Reporting for Lloyd's Syndicates Writing US Business Update
This Actuarial Profession Standard replaces GN33 which will be withdrawn by the Board for Actuarial Standards from 15 December 2010.

2009 Updates  
Update 19
Issued 29.12.2009
GN48: Compliance Review - Pensions (effective 1 February 2010) Update
Update 18
Issued 31.10.2009
APS D1 - Investment Related Business Activities for Authorised Professional Firms which (effective 1 December 2009) Update
Update 17
Issued 01.09.2009
Presidents Endorse new Actuaries' Code Update
From 1 October 2009, any reference to the PCS in existing Guidance Notes maintained by the Profession or the BAS, should be read as referring to the Actuaries' Code.
2008 Updates  
Update 16
Issued 01.11.2008
Re-adoption of Guidance Notes Update
Members will be aware that responsibility for Technical Standards passed to the Board for Actuarial Standards with effect from April 2006.  As part of this process, the Profession transferred the responsibility for a large number of its Guidance Notes to the BAS on 19 May 2006.
Update 15
Issued 22.09.2008
BAS Standards - GN11: Retirement Benefit Schemes - Transfer Values Update
Update 14
Issued 25.03.2008
BAS Standards - GN19: Retirement Benefit Schemes Winding-up and Scheme Asset Deficiency Update
Update 13
Issued 13.03.2008
Actuarial Profession Standards - GN29: Occupational Pension Schemes - Advisers to the Trustees Update
Update 12
Issued 31.01.2008
BAS Standards
GN09: Funding Defined Benefits - Presentation of Actuarial Advice Update
GN11: Retirement Benefit Schemes - Transfer Values Update
GN22: Disclosure - FSA Rules Update
2017 Updates  
Update 11
Issued 30.11.2007
GN20: Actuarial Reporting under the Lloyd's Valuation of Liabilities Rules Update
Update 10
Issued 30.10.2007

Actuarial Profession Standards (formerly known as MAP)
GN5: The Prudential Supervision Outside the UK of Long-term Insurance Business (version 3.1) Update

GN5: Letter from the Chairman of the Life Board Update

Update 9
Issued 20.06.2007 
Professional Conduct Standards (PCS) (effective 1 August 2007; version 3.0) Update
Update 8
Issued 11.04.2007
GN11: Retirement Benefit Schemes - Transfer Values  (effective 30 December 2006; version 9.2) Update
 
GN19: Retirement Benefit Schemes - Winding-up and Scheme Asset Deficiency (effective 3 September 2005; version 4.7) Update
 
GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting-out (effective 29 July 2006; version 2.1) Update
 
GN49: Occupational Pension Schemes - Scheme Funding Matters on Which Advice of Actuary Must be Obtained (effective 30 December 2005; version 2.0) Update
 
GN51: Retirement Benefit Schemes - Modification of Subsisting Rights Without Consent (effective 6 November 2006; version 1.1) Update
 
Technical Memorandum (TM1): Statutory Money Purchase Illustrations (effective 1 November 2006; version 1.2) Update
Update 7
Issued 27.02.2007

GN29: Occupational pension schemes - Advisers to the Trustees (effective 1 April 2007; version 7.0) Update

Update 6
Issued 19.01.2007
GN46: Individual Capital Assessment (version 2.0 BAS amendment 1) Update
2006 Updates  
Update 5
Issued 27.12.2006

GN44: Mathematical Reserves and Resilience Capital Requirement (version 2.0 BAS amendment 1) Update 
 
GN45: Determining the With-profits Insurance Capital Component (version 2.0 BAS amendment 1) Update
 
GN46: Individual Capital Assessment (version 2.0 BAS amendment 1) Update
 
GN47: Stochastic Modelling of Economic Risks in Life Insurance (version 2.0 BAS amendment 1) Update
 
Members were alerted to near final versions of the GNs in Professional Standards Directory (PSD) Update 4 issued on 20 December 2006.  The GNs have now been replaced with final versions which take effect on 31 December 2008.
 
As stated in the PSD Update of 20 December, the Profession considered what changes to the GNs might be appropriate as a result of the proposals in PS06/14 and shared its work with the BAS as input to the BAS's thinking.  

Paul Seymour, Chairman of the BAS, has written to the Presidents setting out the various options which the BAS considered in amending the GNs.

Update 4
Issued 20.12.2006
Due Process for approving Actuarial Profession (AP) Standards (effective 1 January 2007; version 1.0) Update
 
Protocol for Information and Assistances Notes (IANs) (effective 1 January 2007; version 1.0) Update
 
Due Process for Responding to Proposals from the IAA for International Actuarial Standards of Practice (IASPs) (effective 1 January 2007;version 1.0) Update
Update 3
Issued 30.11.2006

GN48: Compliance Review – Pensions (effective 1 January 2007; version 2.0) Update

GN48: Covering Letter  from the Chairman of the Pensions Board

Update 2
Issued 03.10.2006

GN51: Retirement Benefit Schemes - Modification of Subsisting Rights Without Consent (effective 6 November 2006; version 1.1) Update

GN51: Covering letter from the Chairman of the Pensions Board

Update 1
Issued 07.07.2006
GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting Out (effective 29 July 2006; version 2.1) Update 

Contact Details

If you have any enquiries about standards updates please email

regulation@actuaries.org.uk

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services. 

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
     

  • The Many Faces of Bias

    2 December 2021

    Spaces available

    This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace.  Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular.  We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?