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The Actuary The magazine of the Institute & Faculty of Actuaries

Professional Standards Directory – Update 6

The Professional Standards Directory can be found at www.actuaries.org.uk/Display_Page.cgi?url=/professional_affairs/prof_standards.html. It is designed to permit members and others to access the current Board for Actuarial Standards (BAS) standards together with the current version of the Actuarial Profession Standards.

Update 6 was issued to members on 19 January 2007.

BAS standards

The Board for Actuarial Standards (BAS) is responsible for producing technical actuarial standards and the Actuarial Profession is responsible for implementing those standards. Each body is responsible for the content on its own website.

Further to PSD Update 5 (issued on 27 December 2006), BAS has advised that a further change has been made to Version 2.0 BAS amendment 1 of GN46: Individual Capital Assessment. The revised GN is available at: www.frc.org.uk/documents/pagemanager/frc/GN46 Individual Capital Assessment V2.0 (BAS Amendment 1).pdf. The change adds the words ‘in respect of long-term insurance business’ to the application section of the guidance note. There has been no change to the version/amendment number of the GN or the effective date.

As indicated in May 2006, the profession has ceased sending members copies of new or amended guidance in hard copy.