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(From Hermes-Government Press Releases)
] HM TREASURY REPORT 16 March 2005 SIR DEREK MORRIS RECOMMENDS THAT THE FINANCIAL REPORTING COUNCIL SHOULD OVERSEE THE REGULATION OF THE ACTUARIAL PROFESSION
Sir Derek Morris has today published his final report on the actuarial profession in the UK. The review focused on three broad areas: the regulatory framework for the actuarial profession; the level of choice and competition in the market for actuarial services; and the future role of the Government Actuary and the Government Actuary's Department.
On the regulatory framework the review concludes that independent oversight of the actuarial profession's regulation is the best way to combine professional actuarial input into the regulatory framework with sufficient independence from the profession to provide the necessary protection and assurance for the public. The review's central recommendation is that the regulation of the actuarial profession should be subject to independent oversight by the Financial Reporting Council (FRC). The FRC should:
* create an Actuarial Standards Board, as a new operating body of the FRC, to set actuarial professional standards; and …