THE FRC has extended the scope of its technical actuarial standards (TASs) to include actuarial work on pension incentive exercises.
The reporting watchdog’s move is intended to address concerns that members of defined benefit schemes may be misled by financial incentives being offered into giving valuable pension benefits.
Commenting on the announcement, Olivia Dickson, chairman of the FRC’s Actuarial Council, said: “It is important that members are provided with clear, reliable and sufficient information so that they can take informed decisions.
“In order to provide greater assurance of the quality of actuarial information provided, the FRC has decided to bring incentive exercises into the scope of the Pensions TAS.”
PwC has been hit with a £2.3m fine by the accountancy watchdog over its audits of the financial statements of Cattles and Welcome Financial Services Limited
An Aberdeenshire director has been disqualified for failing to ensure her restaurant company kept adequate books and records
The director of a company set up to market a fuel-saving device has been disqualified for failing to maintain and preserve proper records
Assistant Accountant handed an 11-year Bankruptcy Restrictions Order for misappropriating funds