The Board for Actuarial Standards is proceeding with its proposal to develop a book of standards consisting of eight or nine Technical Actuarial Standards (TASs) by December, 2010. The decision follows a consultation on the proposal launched in April, which attracted broad support from stakeholders.

Twenty responses were received, showing a broad consensus of general support for the proposals. A number of respondents commented on the challenges that would have to be overcome and a few respondents had specific concerns.

The consultation paper had also put forward proposals for the treatment of the guidance notes that the BAS adopted from the Actuarial Profession, including a proposal that twelve of them should cease to apply from this autumn. The BAS has decided to proceed with this as well. As some of the guidance notes contain professional and ethical material which the Actuarial Profession may wish to incorporate into its own standards, the exact dates from which they will cease to apply will be decided after further discussions with the Profession and with the Department for Work and Pensions.

Commenting on the publication, Paul Seymour, Chairman of the BAS, said

“I am pleased that our proposals for the new world of technical actuarial standards have been welcomed by our stakeholders. We now have a clear map for developing a comprehensive set of principles-based standards.”

Copies of the BAS’s analysis of responses, the responses themselves, and the consultation paper can be downloaded from the BAS’s website at http://www.frc.org.uk/bas/publications.

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 FRC Board. The Committee on Corporate Governance assists the Board in its work 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