The actuarial profession is held in high regard by stakeholders, according to the Financial Reporting Council (FRC).
Its latest study of perceptions of actuarial quality found 96% of people who use or rely on the work of actuaries said they were "very" or "fairly confident" in the integrity of the profession.
Based on 302 interviews with stakeholders including insurance executives, financial auditors and investment managers, the survey also reported 81% were confident in the clarity of information provided by actuaries.
However, some respondents still felt actuarial information lacked clarity or was "overly complex". The FRC said: "This is an area the FRC will continue to address."
Speaking at an event to mark 10 years since the Morris Review - an independent review that highlighted concerns about the actuarial profession - Stephen Haddrill, FRC chief executive, said actuaries must face challenges over the next decade.
One of them was internationalisation of the profession and growing numbers of the IFoA's members working overseas. Haddrill said: "Globalisation of business has to be reflected by the globlalisation of standards, but at the same time countries do have different traditions, they do have different ways of doing things and there has to be some allowance of variations in that process."
Another challenge mentioned was recent pension reform in the UK and Haddrill said actuaries would be involved in developing new pension products including alternatives to annuity.
"While the industry has come a long way, the next 10 years will see many more challenges and emerging risks including pension reforms, Solvency II and an increasingly global role for actuaries. This means that the work of actuaries and the need for effective oversight and regulation is vital," said Haddrill.
The IFoA welcomed the results but also said actuaries "must not be complacent and rest on our laurels".
Derek Cribb, chief executive of the IFoA, said: "As the research highlights, there are a number of challenges that actuaries need to rise to in the years ahead. The actuarial skill set is diverse, actuaries are well placed not only to respond to those challenges in existing areas but to take their well-respected skills and ethics into wider areas of business.
"Understanding how businesses operate is vital for those with an IFoA qualification. What really sets our members apart is their ability to be effective in applying this understanding and communicating solutions to often complex issues."
Full results of the survey are still being compiled.
