Faculty of Actuaries  Actuaries & Actuarial Issues Around the World  Harvie Brown, President

Penrose – Some Lessons  Equitable Life  All communications influence expectations  Over distribution was the core problem  Join up certification of assets & liabilities  Not enough challenge  Too “clubby”  Standards too vague

The Morris Review  Reserved roles  Accountability and the public interest  Can self-regulation protect consumers?  Maintaining competence  Professional standards / guidance  Monitoring complaints and discipline

Revalidation of Professional Competence  Society now demands evidence of continuing competence  Morris Review Team have asked specific questions  Professional competence task force  Based on annual subscription renewal

Revalidation of Professional Competence (Cont/d….)  Fellows and associates who are “working”  New Actuarial Profession’s practising certificate  CPD  Professionalism course

Independent Actuarial Standards Board  Changing expectations and demands of society  Independence from governing bodies  Covers conduct / ethics as well as technical  Non-actuary involvement  Wide consultation re standards  Well defined criteria for good standard