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