UK FRC will form an actuarial standards board
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.