Objectives

Our objectives are to:

• Maintain a Scope & Authority to explain the authority, scope and application of TASs and, for as long as they exist, adopted GNs;
• Maintain a Conceptual Framework to guide the setting of relevant actuarial standards, including the explicit objectives and characteristics of such standards;
• Maintain a process for the development of standards which ensures that the objectives of the Conceptual Framework can be applied in practice;
• Use the Actuarial Quality Framework produced jointly with the POB as a guide, maintaining consistency between its work and that of other constituent elements of the FRC;
• Issue new relevant actuarial standards, or amend existing ones, in response to evolving commercial practices, economic developments and deficiencies identified in current practice with, where appropriate, written case studies or practical guidance in support of those standards;
• Take account where appropriate of the regulatory requirements of legislation, the Financial Services Authority, the Pensions Regulator and any other relevant regulatory body;
• Take regular soundings from users of actuarial services, recognising that these views will be hard to draw out. Users will include trade bodies and user representative groups as well as boards and senior executives of corporations with high actuarial input;
• Maintain a liaison with the Actuarial Profession regarding areas of practice for which new standards may be required or existing standards should be modified or clarified;
• Liaise with the International Actuarial Association, other international bodies, national standard-setters and EU institutions on the development and application of international actuarial standards; and
• Address urgent issues promptly.

Operating guidelines

In carrying out its work, the BAS will:

• Work on the basis that well informed users are powerful regulators;
• Target the use of its powers, taking a proactive, risk-based and proportionate approach, making effective use of Regulatory Impact Assessments;
• Emphasise principles and clarity in its standard-setting; be clear on the extent to which it sets prescriptive standards;
• Be consultative - involving preparers, users of corporate and actuarial reports, the wider public and other regulatory organisations in its decision-making and allowing adequate time for consultation, without compromising its independence or confidentiality;
• Works closely with other FRC operating bodies, in particular the Professional Oversight Board, for example in sponsoring joint projects, a joint actuarial user committee, and providing representational attendance at meetings of the other operating bodies;
• Take account of any emerging EU and global approaches to actuarial standards; and
• Be transparent, accountable and efficient in its work, and ensure that it receives appropriate publicity.
• Comply with the Memorandum of Understanding between the FRC and the Actuarial Profession and the agreed arrangements for communication between the Actuarial Profession and the FRC.