As a starting point, it clarifies that all members, regardless of where they are located or whether the work is being carried out in the UK or elsewhere, must apply the Actuaries’ Code and relevant APSs.
APS X1 also sets out principles for members to follow in identifying and applying appropriate standards to their work. This is likely to be of particular relevance for those members working in geographically complex situations or where there are competing standards that might apply to their work.
UK Geographic Scope
For members carrying out work that is within ‘UK Geographic Scope’, there is a requirement to apply the FRC’s Technical Actuarial Standards (TASs) .
List of relevant authorities
We have published, for the purposes of assisting compliance with APS X1, a list of relevant authorities. This is the list that members can rely upon for the purposes of section 2.2.2 of APS X1 and sets out a note of bodies that have indicated their standards are substantially consistent with the IAA model standard ISAP 1.