29 February 2024
The Financial Reporting Council (FRC) has recently announced a consultation on proposed revisions to Technical Actuarial Standard 200 (TAS 200), launched on 16 February.
According to the FRC, the proposed changes are intended to streamline TAS 200 to ensure it reflects recent regulatory developments in the insurance industry and to support practitioners in considering the implications for actuarial work related to the FCA’s Consumer Duty principle. Additionally, they propose removing provisions they have identified as adequately being addressed in TAS 100 (General Actuarial Standards).
The FRC’s Executive Director of Regulatory Standards, Mark Babington, said: “The insurance industry is a vital part of the UK economy. 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 proposed revisions to TAS 200 are designed to deliver high quality actuarial work that supports a well-functioning insurance market.”
The consultation will close on 10 May.