A new framework for Technical Actuarial Standards

News types: Consultation Announcement

Published: 18 November 2014

PN 68/14
The Financial Reporting Council (FRC) is consulting on a new framework for Technical Actuarial Standards (TASs). The changes aim to ensure that users of actuarial information (such as pension scheme trustees, pension scheme sponsors and insurance company directors) can rely on the quality of actuarial work, including in developing areas of actuarial work where risks to the public interest may not yet have been identified or manifested.


Melanie McLaren, Executive Director, Codes and Standards said:

“High quality actuarial work is vital in promoting trust in financial markets among the millions of UK pensioners and savers and the many investors and investor groups who allocate capital.

The proposed changes to our standards will support high quality actuarial work, and ensure that our standards remain fit for purpose and users continue to receive reliable actuarial information as the nature and range of actuarial work changes over time.”


The proposals in the consultation include:

  • the introduction a new FRC actuarial standard (Technical Actuarial Standard 100: Principles for Actuarial Work “TAS 100“) which includes high-level principles applicable to all actuarial work – TAS 100 will in time replace the FRC’s Generic TASs; and

  • a review of the scope and content of the FRC’s Specific TASs building on the  feedback on our recently published discussion paper Joint Forum on Actuarial Regulation: A Risk Perspective.


The FRC welcomes feedback on the proposals.

Reponses to the consultation are invited by 8 March 2015 by email to [email protected]. or by  post to, Robert Inglis, Financial Reporting Council, 8th Floor, 125 London Wall, London EC2Y 5AS.

Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

  2. Actuarial work is central to many financial decisions in insurance and pensions but is increasingly recognised as adding value in other areas where the modelling and evaluation of risk and financial returns over time is required. High quality actuarial work assists users by enabling them to make decisions in support of their objectives while mitigating risks to the achievement of those objectives. Poor quality or insufficient actuarial work can result in decisions being made which are detrimental to the public interest.

  3. Currently, there are three Generic TASs, which apply across a wide range of actuarial work principally in insurance and pensions, on data, modelling and reporting actuarial information. There are also four Specific TASs, applying to work in insurance, pensions, funeral plans and transformations. The Generic TASs were issued in 2009 and 2010 and the Specific TASs were issued in 2010 and 2011.

  4. Under the terms of a Memorandum of Understanding (MoU) between the IFoA and the FRC, the IFoA requires those members to whom the TASs are intended to apply to observe them.

  5. Tables: TAS 100: Principles for Actuarial Work – comparison with existing TAS principles  (PDF)

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