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Nematrian Reference Library

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Foreword (partial) "Actuarial work is central to many financial decisions in insurance and pensions and is an important element in other areas requiring the evaluation of risk and financial returns. High quality actuarial work promotes well-informed decision-making and mitigates risks to users and the public; poor quality actuarial work can result in decisions being made which are detrimental to the public interest. The Joint Forum on Actuarial Regulation (‘JFAR’) was established in 2013 by the Financial Reporting Council, the Institute and Faculty of Actuaries, the Financial Conduct Authority, the Pensions Regulator and the Prudential Regulation Authority. The JFAR is a unique collaboration between regulators to co-ordinate, within the context of its members’ objectives, the identification of and response to public interest risks to which actuarial work is relevant. This discussion paper sets out how we have identified these risks, what they are, and our perspective on areas where actuarial work is relevant to the risk or to its mitigation. We are not necessarily saying there is current evidence of these risks materialising or of poor quality actuarial work but we believe they should be assessed and if necessary mitigated."

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