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Actuaries face cloak being torn away

Gordon Brown has not followed Ruth Kelly&#39s lead, where she suggested that Equitable Life was someone else&#39s problem. Instead, he has decided to use Penrose to launch a full review on the role and future of the actuarial profession.

The review will be led by Sir Derek Morris, an acad-emic and economist, and will have the key objective of modernising the actuarial profession and promoting a more open market and competitive actuarial advice.

Considering that Myners is also looking at corporate governance, is this a sign of the end for the in-house actuary?

This is a likely outcome of the review, as this profession has not moved with the times and has been responsible for many of the problems we face today. The track record of the profession in monitoring itself or applying professional standards and discipline is not impressive. I cannot recall any actuaries being brought to book, for UKPI, London Life, NPI or Equitable.

Actuaries have been able to hide behind the cloak of mathematical opacity. They have been proven wanting over the last few years when the investment market was not available to bail them out. We need them either to be independent or overseen by others.


Eagle Star cuts annual bonuses

Eagle Star is scrapping the reversionary bonuses on its conventional with-profits pension policies this year, Zurich has announced.But the company will pay a reversionary bonuses of 0.25 per cent for conventional with-profits life policies. Eagle Star&#39s new annual bonus rate for its series 5 unitised with-profits fund is 1 per cent for life policies and […]

Estate agents: Stamp duty freeze is ineffective

The National Association of Estate Agents believes the Chancellor&#39s freezing of stamp duty at current levels is effectively a rise. In response to the Chancellor&#39s Budget speech, NAEA chief executive Peter Bolton King says with inflation at 2.4 per cent and house prices continuing to rise annually, Gordon Brown is effectively increasing the number of […]

Intermediaries call for carrot rather than stick

Intermediaries are calling for the Treasury to use “a carrot rather than a stick approach” to bring in Miles&#39 recommendations, allowing lenders to make their own decisions over who has access to their products. Charcol senior technical manager Ray Boulger wants to see lenders forced to be more transparent about their policies but he does […]

Anna Day

Usually I am an organised soul – really I am. But for some odd reason, this week has been a scatterbrain nightmare. The first disaster was a long-standing lunch arrangement with the lusciously named Damian Peachey, formerly of BT and now heading press for Phones 4U. We were due to meet at Mirabelle for a […]


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