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Enhancing Professional Standards in Actuarial Practice: Insights from the Morris Review

The Morris Review highlights key lessons for the actuarial profession, emphasizing the importance of accountability, clear standards, and the role of self-regulation in consumer protection. It identifies challenges in asset and liability management, critiques the current system's insularity, and calls for a more rigorous approach to maintaining professional competence. As societal expectations evolve, ongoing professional development and adherence to ethical standards become paramount. The Review seeks to redefine professional conduct, integrate diverse perspectives, and ensure high competence standards through effective consultation.

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Enhancing Professional Standards in Actuarial Practice: Insights from the Morris Review

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  1. Penrose – Some Lessons • Equitable Life • All communications influence expectations • Over distribution was the core problem • Join up certification of assets & liabilities • Not enough challenge • Too “clubby” • Standards too vague

  2. The Morris Review • Reserved roles • Accountability and the public interest • Can self-regulation protect consumers? • Maintaining competence • Professional standards / guidance • Monitoring complaints and discipline

  3. Revalidation of Professional Competence • Society now demands evidence of continuing competence • Morris Review Team have asked specific questions • Professional competence task force • Based on annual subscription renewal

  4. Revalidation of Professional Competence (Cont/d….) • Fellows and associates who are “working” • New Actuarial Profession’s practising certificate • CPD • Professionalism course

  5. Independent Actuarial Standards Board • Changing expectations and demands of society • Independence from governing bodies • Covers conduct / ethics as well as technical • Non-actuary involvement • Wide consultation re standards • Well defined criteria for good standard

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