FRC Updates Actuarial Framework
The Financial Reporting Council (FRC) has confirmed and updated its Actuarial Quality Framework (AQF) – a guide to assessing the quality of actuarial work for use by actuaries, users of actuarial services, advisers and policymakers.
The AQF was originally issued by the FRC as a working document in January 2009, with a commitment to review it in spring 2010.
Dame Barbara Mills, chair of the FRC’s Professional Oversight Board, which provides independent oversight of the UK actuarial profession, commented:
“I am delighted with the positive response we have received to the AQF. The Framework is central to the way the actuarial profession reports to us, and we provide input, on the regulation of its members. It has also proved useful in our discussions with other regulators and users of actuarial work, and in guiding the FRC. We have updated the technical skills of actuaries driver to reflect the importance we attach to the competence of actuaries, and the need for clarity about the technical skills which users can expect them to have.”