7 November 2023
Commenting on the King鈥檚 Speech at the State Opening of Parliament today (7 November 2023), Kalpana Shah, President at the 黑料正能量 (IFoA), said:
鈥淔ive years on from Sir John Kingman鈥檚 independent review of the Financial Reporting Council (FRC), we are disappointed that the Government has, once again, not committed to a clear timetable for the reform of actuarial regulation with no draft audit bill signalled in the King鈥檚 Speech. This means reforms to the FRC and actuarial regulation are now well underway without any statutory underpinning, requiring us to work in a grey area of oversight for an unspecified period, which we do not believe is in the public interest.
鈥淎ctuaries are essential to a well-functioning financial system. The work they do on a daily basis in the public interest ensures that people receive the pensions they are entitled to, that insurance products are priced accurately for customers and that companies hold sufficient capital to pay claims to their customers. The ongoing lack of regulatory clarity undermines our profession and our members鈥� ability to protect the financial interests of the public.
鈥淕iven the proximity to the next general election, it is unlikely that we will see any further progress in the near future. In the interim, we will continue to engage with the Government and regulators, including the FRC, on this important issue to ensure delays to legislation do not negatively impact our members and the public. We will also take some time to reflect on our position and provide a further update in due course.鈥�
~ENDS~
Sonia Sequeira, Communications Lead, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk
The 黑料正能量 (IFoA) is a royal chartered, not-for-profit, professional body.
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