Session: 35

Professionalism

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Summary

The UK profession has been seriously considering procedures for formal Monitoring Compliance with Professional Standards since early 1999. A working party produced two papers, taking evidence from, inter alia, the Canadian Institute of Actuaries' considerations of the matter. The first paper made a range of recommendations, particularly that compulsory external review be introduced for work only actuaries can legally perform. Discussions led to the second paper with revised recommendations; principally that compulsory peer review be performed, internally to the actuary's firm, instead of externally. On acceptance of these recommendations, the boards responsible for Life Assurance, Pensions and General Insurance were charged with drawing up implementation plans for their own areas. Some progress is being made in the latter two fields of work, but in the Life Assurance arena, developments at UK mutual Life Assurer, Equitable Life, have given pause to the emerging procedures. Consideration has been given again to external review for this area only, while a report is awaited from a special inquiry set up by the UK profession into lessons to be learned from the Equitable situation in respect of professional guidance to actuaries.

·European Partner
·Senior Consulting Actuary
·Employee Benefit Consultant

Has responsibility for delivery of actuarial services to a number of clients - directly or supervising others. This includes the direct role of Scheme Actuary to some of these, including Bayer. Acts as Benefit Consultant to a number of clients.

Business experience:
1980 - present : Employment within companies now part of Mercer. Titles have included Director and Actuarial Director
1974 - 1980 : Standard Life Assurance Company (Pension Dept)Edinburgh

Professional activities: