UK FRC will form an actuarial standards board

  • United Kingdom Image

23 Sep 2005

The United Kingdom Financial Reporting Council, under which the UK Accounting Standards Board operates, is establishing a new regime to set actuarial standards and oversee the regulation of the actuarial profession.

The FRC plans have the new regime in place in April 2006. Specifically, the FRC will:
  • establish an FRC Board for Actuarial Standards;
  • extend the remit of the FRC's Professional Oversight Board for Accountancy to cover the actuarial profession;
  • extend the remit of the FRC's Accountancy Investigation and Discipline Board to cover public interest cases involving actuaries.
The cost of the new regime (estimated at £2 million a year) will be funded by contributions from the actuarial profession, insurance companies, and pension funds. Click for (PDF 20k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.