In April 2006 the Financial Reporting Council (FRC) assumed new responsibilities for actuarial standards and regulation. By working closely with the Pensions Regulator and the Financial Services Authority their aim is to ensure that actuarial advice and the conduct of the actuaries meet the highest quality standards and promote the integrity, competency and transparency of the actuarial profession to the benefit of all those who rely on actuarial advice, directly or indirectly.
“Clients already pay fees which include quality assurance and we see no need to further burden schemes with these costs,” says Phil Wadsworth, Head of Pensions & Actuarial Consulting, JLT Benefit Solutions Ltd. “The funding of FRC is met by contributions from the Actuarial Profession (10%), a contribution from the pension sector via a levy (45%) and a similar contribution from the insurance sector. We have always sought to achieve these high standards. Whilst we support the role of FRC we do not see a need for client to pay twice. In recognition of this and welcoming the FRC’s new role JLT has volunteered to meet the 2006/7 levies for all its clients for whom actuarial services are provided.”