BAS launches major consultation on new Conceptual Framework for actuarial standards

As part of its project for developing a new structure for actuarial standards, the Board for Actuarial Standards (BAS) has today published an Exposure Draft of the underlying conceptual framework. This publication follows a consultation period which ran from November 2007 to January 2008, during which time the BAS consulted on the principles.

Paul Seymour, Chairman of the BAS, was delighted with the outcome of the consultation:

“The overwhelming message coming through from the consultation is one of support and endorsement for the general thrust of our proposals.”

Respondents to the consultation expressed their general support for:

• standards being compulsory, with exceptions defined narrowly;
• a principles-based regime; and
• the principles proposed for standards which address actuarial methods of quantification.

The consultation period ends on 23 May 2008. Copies of the exposure draft can be downloaded from the BAS’s website at http://www.frc.org.uk/bas/publications/consultation.cfm.

Further publications relating to the BAS’s work are due shortly, starting with a discussion paper on Actuarial Mortality Assumptions, followed in the next month or two by consultation on the content and structure of the book of actuarial standards and the exposure draft of a reporting standard.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the Committee on Corporate Governance.
2. The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
3. All media enquiries should be addressed to Paul Seymour, Chairman of the Board for Actuarial Standards, 020 7492 2328 or email at p.seymour@frc.org.uk.