On Tuesday 10 May 2022, the UK government announced it will introduce a Draft Audit Reform Bill which will set out proposed legislation on the future of audit, corporate governance, accountancy, and actuarial regulation. This represents a small step forward in the process for reform in this area following the 2021 White Paper Restoring trust in audit and corporate governance from the Department for Business, Energy and Industrial Strategy, which set out proposals for the future of actuarial regulation. You can read the IFoA response to the White Paper here. The Government is yet to provide a response to the White Paper or set out a clear timetable for the Draft Bill.
If you would like to learn more about our work on the future of UK actuarial regulation, the IFoA is hosting a workshop at the IFoA Conference on 23 June, titled: What do the UK government’s changes to actuarial regulation mean for the future of the profession’. IFoA General Counsel Ben Kemp will talk through the Government’s proposals, share the IFoA’s perspective on those plans and discuss what the changes could mean for actuaries. If you’d like to attend this event at the IFoA Conference, you can register here.
Further analysis on the other measures pertinent to the work of actuaries in the Queen’s Speech can be found here and the IFoA’s media response to the announcement can be found here.