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The Joint Forum on Actuarial Regulation (‘JFAR’) was established in 2013 and comprises the Financial Reporting Council, the Institute and Faculty of Actuaries, the Financial Conduct Authority, the Pensions Regulator and the Prudential Regulation Authority. The JFAR is a unique collaboration between regulators to co-ordinate, within the context of its members’ objectives, the identification and analysis of public interest risks to which actuarial work is relevant.
In December 2016, the JFAR published its first annual update to the risk perspective (PDF).
The report notes that, despite the evolving regulatory, political and economic landscape, the high-level risks identified previously remain broadly unchanged.
During 2016 the JFAR undertook the following reviews:
DB to DC transfers following the introduction of the pensions freedoms (PDF);
Group think; and
General Insurance Provisions - the observations are contained within the 2016 update
Two areas have been prioritised for review in 2017:
the risk posed to the quality of actuarial work by the low interest rate environment; and
the risk to the supply of relevant actuarial support for the future management of with-profits business.
The JFAR will maintain the risk perspective using a range of inputs.
In October 2014, the JFAR sought views on its identification of risks to the public interest where actuarial work is relevant through its discussion paper Joint Forum on Actuarial Regulation: A risk perspective.
In July 2015, the responses to the discussion paper were published in its Feedback Statement: Joint Forum on Actuarial Regulation: A risk perspective.
The individual responses and transcipts of the FRC hosted outreach events are available.