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1st October 2004

Review of Actuarial Profession


The first meeting of the independent advisory panel appointed by Sir Derek Morris to advise him on the conduct of his independent review of the actuarial profession was held this week following the closure of the Morris Review consultation exercise. The review received over one hundred responses from a wide range or individuals and organisations including individual actuaries, users of actuarial services, professional bodies, actuarial consulting firms, and clients of the Government Actuary’s Department. Commenting on the success of the consultation exercise, Sir Derek said:

“The response to our consultation has been highly encouraging. This is an important exercise that I hope will make a significant contribution to the future development of the actuarial profession itself and to the direction of Government policy towards the profession.”

“I should like to thank all those individuals and organisations that contributed. The review team will read with interest the views that have been expressed and publish an interim assessment paper in the autumn. This will set out the key issues that have been raised in the consultation process and will identify possible options for change.”

The members of the advisory panel are:

Adair Turner: currently chair of the UK Pensions Commission, vice chairman of Merrill Lynch Europe, a director of United Business Media plc, and chair of the UK Low Pay Commission.

Philip Broadley: Group Finance Director and a board member of Prudential plc since 2000. Previously worked for the UK firm of Arthur Andersen where he became a partner in 1993. He is a chartered accountant.

Steven Haberman : Deputy Dean and Professor of Actuarial Science at the Cass Business School, City University. Fellow of the Institute of Actuaries, Royal Statistical Society, Institute of Mathematics and its Applications, and an invited member of the New York Academy of Sciences.

Paul McCrossan; Fellow of the Society of Actuaries and the Canadian Institute of Actuaries. Served on the Council, and as President, of the Canadian Institute of Actuaries. Elected chairman/president of the IFAA, the then international organisation of actuarial associations representing professional actuaries worldwide, in 1995.

Peter Tompkins: partner in the Human Resource Services business of PricewaterhouseCoopers. Heads the practice’s Investment Consulting Business and provides retirement and actuarial advice to a range of investment and insurance clients.

Elaine Kempson: Professor of Personal Finance and Social Policy Research and Director of the Personal Finance Research Center at Bristol University. 

Roger Munson OBE: a chartered accountant, formerly a  partner with the UK accountancy firm Coopers & Lybrand. Also held a number of other professional responsibilities, including membership of the Accounting Standards Board. Member of the Competition Commission 1996-2003.  From 2002 has been an advisory director of Ofwat.

 

NOTES FOR EDITIORS

1. The Government asked Sir Derek Morris to conduct an independent review of the actuarial profession as part of the Government’s response to Lord Penrose’s Inquiry into the Equitable Life in March 2004. (Treasury Press Notice 24/04)

2. The full terms of reference of the review are to:

Consider what professional and/or other regulatory framework would best promote recognised, high-quality and continuously developing actuarial standards, openness in the application of actuarial skills, transparency in the professional conduct of actuaries, accountability for their actions and an open and competitive market for actuarial advice in the UK;

in doing so:

  • take into account developments in the actuarial profession, in regulation, and in the financial services market, in the UK and abroad;
  • examine the roles of actuaries in the financial services sector, including in providing actuarial opinions in relation to audited accounts;
  • build on the work of recent government and regulatory initiatives; and
  • examine the relationship between the Government Actuary’s Department and the actuarial profession and with other parts of government.

Recommend a framework that will be independent in representing the public and consumer interest, and be accountable, flexible, transparent, and no more burdensome or restrictive than is clearly justified.

Make recommendations on the future role of the Government Actuary, the functions of his Department and its future institutional status.

The review will deliver a final report with recommendations by spring 2005.

3. The review published its consultation document on 28 June 2004 (available at www.morrisreview.org.uk ). The consultation period closed on 10 September 2004. Copies of the consultation document and accompanying press release are also available on the Treasury website at www.hm-treasury.gov.uk.

4. The members of the external advisory panel are appointed in their personal capacity as experts in a particular area or field rather than as representatives of any of the organisations with which they have connections. The views expressed by the review are those of Sir Derek Morris and the review team and may not necessarily reflect the individual views of members of the external advisory panel.

5. Media enquiries should be addressed to Charles Keseru in the Treasury press office on 020 7270 5188.

6. Non-media enquiries should be addressed to  the Morris Review team by e-mail at morris.review@hm-treasury.gsi.gov.uk or by post to:

Sir Derek Morris
The Morris Review (G/38)
1 Horse Guards Road
London
SW1A 2HQ