Actuarial (overview)

Published: 4 October 2023

2 minute read

The FRC seeks to promote high quality actuarial practice and the integrity, competence and transparency of the actuarial profession – to the benefit of all those who rely on actuarial advice.

We are responsible for:

• The setting and maintenance of:
  • Technical Actuarial Standards
  • Actuarial Standard Technical Memorandum 1
  • Actuarial Statement Of Recommended Practice 1
• Oversight of the regulation of actuaries by the Institute and Faculty of Actuaries (IFoA)
• Provision of independent investigation and disciplinary hearings in public interest cases through the FRC Actuarial Scheme

Research on the use of Artificial Intelligence (AI) and Machine Learning (ML) in UK actuarial work

The Financial Reporting Council has published new research examining the use of Artificial Intelligence and Machine Learning in UK actuarial work.

The FRC commissioned the Government Actuary’s Department to carry out the research, which was based on interviews with 37 individuals working in the sector and a survey completed by over 100 respondents.

In line with expectations that AI and ML have considerable potential to transform the way actuarial work is carried out, the research also found widespread plans among actuaries to increase its use in future, particularly as a result of rapid developments in large language models such as ChatGPT.

Documents

This report presents the findings from a survey and interviews conducted by the Government Actuary’s Department on behalf of the Financial Reporting Council.

Name	Research on the use of Artificial Intelligence (AI) and Machine Learning (ML) in UK actuarial work
Publication date	28 October 2023
Type	Report
Format	PDF, 872.2 KB

Actuarial Regulation and ARGA

In May 2022 the Government set out its response to the consultation on strengthening the UK’s Corporate Governance, Corporate Reporting and Audit systems, including the creation of the Audit, Reporting and Governance Authority (ARGA), to take over from the FRC.

The Financial Reporting Council has published a Position Paper setting out the next steps to reform the UK’s audit and corporate governance framework.  In particular, this includes the next steps in the implementation of ARGA’s actuarial regulatory regime. For more information, see our Frequently Asked Questions. The FRC hosted a webinar on this topic in June 2022 which can be viewed on this page.

We welcome practitioners getting in touch with us through our central mailbox ([email protected]). We are also reaching out to practitioners through engagement with entities and trade bodies so practitioners can also contact us via their firm’s usual regulatory contact.

• Read more about the wider reform

Webinar

Feedback on the actuarial aspects of insurance entity audits

Documents

We publish letters providing feedback on the actuarial aspects of insurance entity audits, based on findings from the Audit Quality Reviews reviews across various audit firms.

Name	Feedback on the actuarial aspects of insurance entity audits (2022)
Publication date	18 May 2022
Format	PDF, 250.7 KB
Name	Feedback on the actuarial aspects of insurance entity audits (2021)
Publication date	10 September 2021
Format	PDF, 115.7 KB
Name	Letter to insurance companies on Insurance audits under IFRS 17 (2022)
Publication date	8 December 2022
Format	PDF, 121.9 KB

Topics

• Actuarial