UK - Actuaries want insurance companies to establish independent actuarial committees to ensure company boards fully understand advice they receive.
The Institute of Actuaries’ call follows proposals by the Financial Services Authority to change the role of the appointed actuary in life insurance companies.
The IOA says independent actuarial committees should include non-executives and non-actuaries and should ensure company boards fully understand the analysis and implications made by the actuary.
IOA president Peter Clark said: “I am disappointed by the FSA’s proposal to substantially narrow the role of the appointed actuary. It is important that the value of actuarial advice is not diminished as a result.”
He added: “The Actuarial Profession will work with the FSA to seek to ensure a cost-effective approach in the best interests of customers.”
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.