RegulationAccounting StandardsFRC to establish actuarial standards board

FRC to establish actuarial standards board

Financial Reporting Council's sixth board will start next April

The Financial Reporting Council is to add another string to its bow with the
inclusion of a board that will look at actuarial standards.

As part of the Morris review of the actuarial profession, it was recommended
that the FRC should be responsible for overseeing the profession and setting its
standards. The watchdog has now confirmed that it will add to its current
five-strong boards, with the sixth commencing in April next year.

In addition to the new board, the Professional Oversight Board for
Accountancy and the Accountancy Investigation and Discipline Board’s remits will
be expanded to cover the actuarial profession.

‘We intend that our approach to our new responsibilities will mirror our
market-led and consultative approach to out existing responsibilities,’ said FRC
chief executive Paul Boyle. ‘There will be consultation to ensure that those
affected by the new regime have the opportunity to comment on the way it will be
funded.’

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