The IFoA has launched a consultation on the proposed introduction of a mandatory Actuarial Profession Standard (APS) and supporting guides in relation to the ethical standards that members should apply.
The proposed APS is intended to set out the requirements for actuaries carrying out valuations of pre-paid funeral plan trusts. The consultation package also includes a guide for actuaries working on such plans, plus a guide for actuaries to offer to trustees, which sets out the professional obligations falling on actuaries.
The measures are intended to ensure that actuaries working in this specialist area are:
? Sufficiently experienced for this task;
? Aware of their particular responsibilities, not least to planholders; and
? Are adequately supported and assisted by the IFoA in undertaking their work.
The consultation paper sets out the current regulatory regime, the rationale for the IFoA's proposals and an explanation of the new consultation package. The consultation closes on 13 February, and we invite you to respond.
Download the consultation package here.