7 November 2023
Commenting on the Kingās Speech at the State Opening of Parliament today (7 November 2023), Kalpana Shah, President at the »Ę¹Ļapp (IFoA), said:
āFive years on from Sir John Kingmanās independent review of the Financial Reporting Council (FRC), we are disappointed that the Government has, once again, not committed to a clear timetable for the reform of actuarial regulation with no draft audit bill signalled in the Kingās Speech. This means reforms to the FRC and actuarial regulation are now well underway without any statutory underpinning, requiring us to work in a grey area of oversight for an unspecified period, which we do not believe is in the public interest.
āActuaries are essential to a well-functioning financial system. The work they do on a daily basis in the public interest ensures that people receive the pensions they are entitled to, that insurance products are priced accurately for customers and that companies hold sufficient capital to pay claims to their customers. The ongoing lack of regulatory clarity undermines our profession and our membersā ability to protect the financial interests of the public.
āGiven the proximity to the next general election, it is unlikely that we will see any further progress in the near future. In the interim, we will continue to engage with the Government and regulators, including the FRC, on this important issue to ensure delays to legislation do not negatively impact our members and the public. We will also take some time to reflect on our position and provide a further update in due course.ā
~ENDS~
Contact
Sonia Sequeira, Communications Lead, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk
About the »Ę¹Ļapp
The »Ę¹Ļapp (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a businessās assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloydās of London.
Members are governed by the »Ę¹Ļapp. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.