UK - The Actuarial Profession must become more transparent if it is to retain its self-regulatory status, Faculty of Actuaries president Tom Ross warns.
Ross – who is a principal at Aon Consulting – said the profession must reform itself and demonstrate independence and transparency to avoid scrutiny and interference from the government.
As part of the reform process, Ross said the profession should have the input from all of clients, such as schemes and insurance companies.
He argued that the self-regulatory approach was superior to the “rigid, box-ticking” approach governments would devise as it was more flexible and cost-effective.
Ross said: “If the public and politicians are going to continue to accept that professions are capable of regulating themselves robustly and independently, they’re going to have to demonstrate they can do it.
“What we have got to look at is getting all the processes for developing and implementing our professional standards to be as transparent as possible and to make sure that there is input in that process from all the stakeholders who are effected by the advice actuaries give.”
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Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point