HM Treasury

Independent reviews

Morris Review of the Actuarial Profession

16 March 2005

Morris Review of the Actuarial Profession logo

Final Report

Sir Derek Morris published the final report of his review of the actuarial profession on 16 March 2005. The final report is addressed to the Financial Secretary to the Treasury, Stephen Timms MP. It summarises the consultation feedback the review received on the policy options set out in the interim assessment and gives Sir Derek's final recommendations for change.

Interim Assessment Report

The review has published its interim assessment report. This report summarises the initial consultation feedback that the review received, identifies key issues and proposes possible policy options to address these issues.

Interim Assessment Report Responses

The review is very grateful for the responses received on its Interim Assement Report. The review have published online on this website all the non-confidential responses .

Consultation

Consultation Responses

The review team has consulted widely with key stakeholders to establish views and inform analysis. The responses have been issued and published online on this website .

International Comparisons

The review team asked a number of questions to the actuarial professions overseas. These responses have been published online on this website .

Background

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 was conducted by Sir Derek Morris, the former Chairman of the Competition Commission. The review commenced on 1st May 2004 and was due to report by Spring 2005.

The terms of reference of the review were 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:

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 was expected to deliver a final report with recommendations by spring 2005.

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