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Nematrian Reference Library

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FRC (2015)Joint Forum on Actuarial Regulation: A risk perspective: Analysis of responses to the October 2014 discussion paperhere

Introduction (partial)

"A discussion paper Joint Forum on Actuarial Regulation: A risk perspective (the Risk Perspective)1 was published in October 2014. The Risk Perspective is a first step in the process of identifying the UK public interest risks to which actuarial work is of key relevance. It outlined a broad range of areas where there is a potential risk to the UK public interest and in which actuarial work plays a part in the risk or its management.

We received feedback from a wide range of stakeholders including actuaries, other professionals and users of actuarial work. JFAR will use this feedback, which is summarised in this document, to guide its future work. JFAR will initially focus on a more detailed assessment of the role and quality of actuarial work in areas where actuarial work is in the public interest, is central and where feedback indicates that the risks to the quality of actuarial work are developing:

- DB to DC transfers following the introduction of pension freedoms;

- General insurance provisions in the light of market conditions; and

- Group think (particularly around methodologies and assumptions) and its potential impact. This review will consider how regulators contribute to and might address the risk of group think."


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