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The Actuary The magazine of the Institute & Faculty of Actuaries

FRC publishes key questions for users of actuarial information

The sets of questions are targeted at particular user groups and cover specific areas of work:

Pension scheme trustees - pension scheme funding

Non-executive directors of life insurers - technical provisions and capital

Non-executive directors of general insurers - technical provisions and capital.
The FRC says the questions are not exhaustive or intended to apply in every case, and do not replace specific regulatory guidance. Instead they are intended to stimulate discussion and improve understanding of relevant issues, and promote the quality of actuarial work.
Paul Kennedy, FRC’s acting director of actuarial standards (pictured), said: “We hope the questions are helpful to the specific user groups as well as other professionals such as auditors, analysts, managers, and investors; and of course to actuaries themselves who need effective dialogue and scrutiny by users of their work to support their delivery of high quality advice.”