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28 June 2004

MORRIS REVIEW OF THE ACTUARIAL PROFESSION

PDF file of Morris Review of the Actuarial Profession: Consultation Document
PDF file of Morris Review of the Actuarial Profession: Consultation Document Covering Letter
Press Notice 20/06/04: Morris Review - Consultation document published

On 8th March 2004, in response to Lord Penrose' report of the Equitable Life inquiry, Ruth Kelly MP, Financial Secretary to the Treasury, announced an independent review into the actuarial profession, with a particular focus on considering how best to modernise the profession and see that high standards are delivered in a more open, challenging and accountable professional culture. The review is being conducted by Sir Derek Morris, the former Chairman of the Competition Commission. The review commenced on 1st May 2004 and is due to report by Spring 2005.

The 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;

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.

Related Links

The documents are available below to download in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

PDF file of Morris Review of the Actuarial Profession: Consultation Document
PDF file of Morris Review of the Actuarial Profession: Consultation Document Covering Letter
Press Notice 28/06/04: Morris Review - Consultation document published
Press Notice for Independent reviews into corporate governance of mutual life offices and the actuarial profession Report of the Equitable Life Inquiry
PDF file of "An Introduction to the UK Actuarial Profession: Prepared for Sir Derek Morris and his review team" on the Actuarial Profession website (external link)