The Financial Reporting Council (FRC) has published, as part of its post-implementation review of the Technical Actuarial Standards (TASs), a on the current sector-specific TASs (TAS 200, 300, 400), Actuarial Statement Of Recommended Practice 1 (ASORP 1), and other potential sector-specific areas which might benefit from further technical standards.
The FRC explains that 鈥渢he post-implementation review of the TASs and other actuarial standards as being carried out to ensure they continue to support the delivery of high-quality technical actuarial work and satisfy the Reliability Objective鈥�.
They further set out: 鈥淭he nature and extent of technical actuarial work and the environment in which actuaries operate has evolved considerably since the publication of the TASs in 2016. In the traditional areas of insurance and pensions, the change or introduction of new regulations are changing market practice which in turn drives a change in the technical actuarial work being performed in these sectors. Actuaries are also expanding into new areas, such as investment, finance, and modelling work conducted related to the pandemic. All these developments are likely to provide new challenges to actuaries. As part of the FRC鈥檚 effort to seek comprehensive feedback on the TASs the FRC invites feedback to help inform the FRC鈥檚 thinking as the FRC considers what, if anything, needs to be changed in the way that technical actuarial work is regulated.鈥�
The closes at 17.00pm (BST), Friday, 8 July 2022.