Investigation board extends remit to actuarial profession

The industry investigations and discipline board has extended its remit to
include investigations in the actuarial profession.

The formation of the new board, the Accountancy and Actuarial Discipline
Board, follows the Morris Review of the actuarial profession, a consultation,
and the approval of participation in an independent scheme by the membership of
the Institute of Actuaries and the Faculty of Actuaries in Scotland.

The extended responsibilities will enable the AADB to adopt and operate an
independent disciplinary scheme for actuaries in the UK (‘the Actuarial Scheme’)
as soon as necessary formalities have been completed. The Actuarial Scheme will
apply to cases that raise important issues affecting the public interest.

Mike Fogden, chairman of the AADB, said: ‘I welcome the extended remit and
the participation of the Actuarial Profession in the AADB’s independent
disciplinary scheme and look forward to taking forward the Board’s role in
relation to the actuaries.’