Accounting watchdog to oversee actuaries
FRC takes on new powers
Actuaries will face a new reporting standards regime after the Financial
Reporting Council, took on its new role as regulator of the profession.
This new role follows recommendations contained in the Morris Review of the
Actuarial Profession, published in March 2005, and sees the FRC’s Professional
Oversight Board for Accountancy extend its remit to cover the actuarial
profession.
To reflect these new responsibilities, the POBA will become known as the
Professional Oversight Board (POB).
Paul Boyle, chief executive of the FRC, said: ‘We are pleased to report that
the preparations for the commencement of our new responsibilities for actuarial
standards and regulation are substantially complete.
‘Our preparations have benefited considerably from the co-operation which we
have received from the Actuarial Profession, the Financial Services Authority
and The Pensions Regulator.’