The UK Financial Reporting Council (FRC) opened a consultation on the proposed revisions to Technical Actuarial Standard 200 (TAS 200), a news release said. The proposed changes aim to streamline the standard and ensure it reflects recent regulatory developments in the insurance industry.
The proposed revisions from the regulator include “changes to support practitioners in considering the implications for actuarial work of the [Financial Conduct Authority’s] Consumer Duty principle and the removal of provisions that are already sufficiently addressed in the FRC’s General Actuarial Standards (TAS 100)”, the release said. The consultation is open until 10 May.
Mark Babington, FRC executive director of Regulatory Standards, explained that the revisions are designed to deliver high-quality actuarial work that supports a well-functioning insurance market.
“The insurance industry is a vital part of the UK economy,” Babington said in the release. “Recent regulatory reforms in the sector aim to bolster the competitiveness of the UK as a global financial centre, promote competition and growth, and deliver better outcomes for consumers and business.”
The regulator has also released an exposure draft on the revisions in more detail. According to the consultation paper, comments should be sent electronically to APT@frc.org.uk.
In another release, the FRC announced its commitment to reviewing the Stewardship Code to “enhance the quality of engagement between investors and companies”. The regulator aims to conduct its review this year to help improve long-term returns to shareholders and efficient exercise of governance responsibilities.
“The FRC welcomes improvements in outcomes-based reporting … [and] continues to see increased reporting on key stewardship themes,” the release said, “including human rights issues in supply chains, nature-based solutions and biodiversity, while climate change continues to be a key area of engagement and focus.”
There are now 273 signatories to the Code, representing £43.3 trillion in assets under management, according to the release.
The regulator has published guidance and recommendations to help organisations produce high-quality stewardship reports, the release said, that demonstrate how they have applied the Code’s principles across areas such as investment research, decision-making, monitoring, engagement, and exercising voting rights.
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