The new standards and guidance are due to take effect from 1 July 2017, and will replace outdated material including Guidance Notes and the current technical actuarial standards (TAS).
These new principles are intended to help actuaries determine what standards to apply to their work wherever they are in the world to help ensure consistency.
IFoA general counsel, Ben Kemp, said: "The new technical actuarial standards are a positive step towards creating a more principles-based framework of standards that is simplified but strengthened.
“The coordinated publication of the FRC standards and the IFoA guidance represents the collaborative work both organisations are undertaking in their role as actuarial standard setters.
“Following extensive consultation, we are continuing to focus on a principles-based approach, and to consolidate and withdraw outdated standards wherever possible, consistent with our overarching responsibility to protect the public interest.”
The IFoA’s international standards are detailed in their Applying Standards to Actuarial Work, while the FRC’s revised standards are the TAS 100: Principles for technical actuarial work, and the more specific TAS 200: Insurance, TAS 300: Pensions and TAS 400: Funeral plan trust.
The FRC’s Audit and Actuarial Regulation executive director, Melanie McLaren, said: “High-quality actuarial work is vital in promoting trust in financial markets for the millions of UK pensioners and savers and the many investors and investor groups who allocate capital.
“By extending the scope of our standards we are aiming to ensure that users of actuarial information (such as pension scheme trustees, pension scheme sponsors and insurance company directors) can rely on the quality of all technical actuarial work.
“The risk assessment process ensures that area-specific standards are focused on areas of technical actuarial work where there is a high degree of risk to the public interest.”
You can read the new standards here:
Applying Standards to Actuarial Work
TAS 100: Principles for technical actuarial work
TAS 200: Insurance
TAS 300: Pensions
TAS 400: Funeral plan trust