Following the Morris Review of the Actuarial Profession, published in March 2005, HM Treasury asked the Financial Reporting Council (FRC) to take on responsibility for oversight of the UK Actuarial Profession and the independent setting of actuarial technical standards. This latter task is the remit of the BAS.
Through the new regime, the FRC will seek to promote high quality actuarial practice and the integrity, competence and transparency of the actuarial profession - to the benefit of all those who rely on actuarial advice.
In May 2006, the FRC and the Actuarial profession agreed a Memorandum of Understanding setting out their respective responsibilities for actuarial regulation. Arrangements for communications between the actuarial profession and the FRC were agreed in October 2006.
The Actuarial Profession will continue to set ethical standards. The Profession's arrangements for setting these standards and the standards themselves are overseen by the FRC's Professional Oversight Board (POB). The BAS has a reserve role to set ethical standards if asked to do so by the Professional Oversight Board or if it otherwise considers this appropriate.
The Board operates within an agreed Scope & Authority and develops standards in accordance with a Conceptual Framework.
