General Insurance Article - No clear timetable for reform of actuarial regulation

Louise Pryor, President at the Institute and Faculty of Actuaries (IFoA) has commented on the Queen’s Speech at the State Opening of Parliament.

  “We are disappointed that the Government has not committed to a clear timetable for the reform of actuarial regulation in the Queen’s Speech. However, we are hopeful the proposed draft legislation will be published shortly. This will, at least, keep progress moving on reforms to the Financial Reporting Council and actuarial regulation.

 “Actuaries 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.

  “We look forward to continuing our engagement with Government on this important issue to ensure future regulation does not negatively impact our members and, more importantly, the public at large.”

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