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Actuaries fail self-regulation test and face FRC regime

Self-regulation by actuaries has failed and the profession should be regulated by an independent body, says Sir Derek Morris.

In a final report published on Wednesday, Morris proposes that the Faculty and Institute of Actuaries, which have been self-regulating since 1856 and 1848 respectively, should be overseen by the Financial Reporting Council through a newly created Actuarial Standards Board in a similar way to the Accounting Standards Board, which is overseen by the FRC. The move would also see consulting actuaries regulated.

He proposes that independent reviewing actuaries should be introduced as a statutory post, with whistleblowing responsibilities if needed.

The report, for the most part, gives the Government Actuary’s Department a clean bill of health but Morris recommends that some functions, such as population projections, should be transferred to other departments.

Morris says: “Self-regulation has failed and the areas currently covered by self-regulation, such as compliance and standards, would be overseen by the FRC.”

Scottish Life group head of communications Alasdair Buchanan says: “It is the end of an era and everyone has recognised that things need to change. The role of the FRC will need to change as it only has experience of supervising accountants.”

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