Actuaries should be regulated by FRC

The actuarial profession should be overseen by the Financial Reporting Council (FRC), a review has concluded.

Link: FRC calls for institute arbitration schemes

A government report commissioned to look at the profession in the wake of the Equitable Life scandal has concluded that a new board should be set up within the FRC to oversee the regulatory activities of actuarial professional bodies.

Sir Derek Morris, who wrote the report, had concluded in his interim report that the profession was too introspective and that its professional standards were weak.

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