UK - The Financial Reporting Council (FRC) has issued two discussion papers aimed at highlighting the need for improving standards across the actuarial industry to allow users of actuarial services to be confident in the information received.
The FRC has also developed six criteria which it considers to be key drivers of actuarial quality, which will influence its future work.
These include the reliability of actuarial methods, the technical skills of actuaries, the communication of actuarial information, the ethics of actuaries, their working environment and factors outside the control of actuaries.
Sir John Bourn, chairman, Professional Oversight Board, the operating body of the FRC, said: "[This] provides us with a unique opportunity to develop and share our understanding of the drivers of actuarial quality.
"We have tried to understand and develop descriptions and drivers of actuarial quality in the round, based on the development, use and interpretation of actuarial models."