General Insurance Article - No reforms for actuarial regulation in Kings speech

Commenting on the King’s Speech at the State Opening of Parliament today (7 November 2023), Kalpana Shah, President at the Institute and Faculty of Actuaries (IFoA) said:

 “Five years on from Sir John Kingman’s 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’s 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.

 “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. The ongoing lack of regulatory clarity undermines our profession and our members’ ability to protect the financial interests of the public.

 “Given 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.”

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