FRC Publishes its Final Proposals for Funding Actuarial Standards and Regulation

FRC PN 140

The Financial Reporting Council (FRC) has today published a paper setting out its final proposals for funding its new responsibilities for actuarial standards and regulation in 2006/07 and future years.

A central recommendation of the Morris Review of the Actuarial Profession, published in March 2005, was that the FRC should be asked to establish a regime to set actuarial standards and oversee the regulation of the actuarial profession. The Government accepted the recommendation in principle and asked the FRC to take on this new role.

The purpose of the new regime will be to enhance the quality of actuarial reporting and promote the integrity, competence and transparency of the actuarial profession – to the benefit of all those who rely on actuarial advice.

In October 2005, the FRC issued a consultation paper inviting views on its proposals for funding the new regime.

See full Press Release.