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The Actuary The magazine of the Institute & Faculty of Actuaries

Scrutiny Committee news

When the profession had a taskforce to investigate the possibility of setting up an independent standards board it was agreed by the Faculty and Institute’s Management Committee (FIMC) to create, as an interim measure, a Scrutiny Committee to bring some independence into our guidance-setting processes. The taskforce was stood down when it was clear its work was being overtaken by the Morris Review’s recommendations. The Scrutiny Committee will continue until such time as the FRC sets up the Board for Actuarial Standards.

The Scrutiny Committee’s role and initial membership was described in an article in the January/February issue of The Actuary. In addition to the independent chairman, Sir Nigel Wicks, FIMC has appointed Jan G Weber as the second lay member from nominations made at our request by the Institute of Charted Accountants in England and Wales. The Scrutiny Committee is delighted that he has accepted the appointment. Mr Weber is a chartered accountant who has held office at senior level in the Institute of Chartered Accountants in England and Wales, and is an examiner for the Institute of Chartered Accountants of Scotland. He is finance director of DLIBJ Asset Management International.

Professional guidance is approved for adoption by FIMC, following consultation. The Scrutiny Committee’s role is to assist FIMC by looking at it independently from the originating practice board. The committee makes suggestions at the drafting stage and may communicate to the membership and the public any commentary or opinion expressed by it on draft guidance.

On 4 April 2005 FIMC approved Exposure Draft 54 (GN11): Retirement benefit schemes – transfer values for consultation. In so doing it agreed that the Scrutiny Committee’s questions arising from the exposure draft should be put to the profession and public for comment as part of the exposure process. This is a new approach, fulfilling an aspect of the committee’s terms of reference to assist FIMC in ensuring that actuarial standards work to the wider public benefit.

The committee’s questions arising from the exposure draft can be found at: www.actuaries.org.uk/Display_Page.cgi?url=/scrutiny/proposals.html.

If you have any comments on any or all of these questions please send them to Wendy Cogger, secretary to the Scrutiny Committee, email wendy.cogger@actuaries.org.uk, or by post to The Actuarial Profession, Staple Inn Hall, High Holborn, London WC1V 7QJ. All comments will also be forwarded to the Pensions Board to take into consideration as part of the consultation process. The closing date is 11 July 2005.