The Actuarial Profession insists it has no skeletons to hide from Sir Derek Morris.
The profession says it already anticipated many of the findings in Lord Penrose’s report and has a programme of modernisation well under way.
Institute president Jeremy Goford said: “We have been conscious of the need to modernise. And we were expecting some criticism on the nature of our standards – that is to say, they are a little wholly and opaque.
“But frankly that is because we only expect them to be read by actuaries. We have, though, now decided to make them more accessible to the outside world.”
He added: “For example, we now have a corporate plan for the first time ever – which have formalised our objectives – rather than our ad hoc approach in the past.”
The profession has already updated its disciplinary scheme as of January 1 this year, to speed up its complaints process.
Goford said the institute and faculty had put in place an investigation to determine how to set up an Actuarial Standards Board which, he said, would be similar to the Accountants Standards Board.
“When Sir Derek turns up on May 1, the first thing we will say is ‘we have got things underway. Do we carry on with them or do we put it on hold while you are conducting your inquiry?’.”
Goford added: “But until he turns up we will charge ahead.”
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