A new Actuarial Profession Standard, APS X5, has been published, along with a feedback paper to the consultation held earlier this year.
The standard will take effect on 20 November 2020.
APS X5 requires members who are principals in organisations that provide actuarial work to external clients to have in place measures relating to compensation of clients, or alternative arrangements relating to liability, for loss caused by professional shortcomings.
The standard replaces GN30: Compensation for Professional Shortcomings and implements broadly the same requirements. GN30 will be withdrawn when APS X5 comes into force.