Penrose – Some Lessons
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Transcript of Penrose – Some Lessons
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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
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The Morris Review
Reserved roles
Accountability and the public interest
Can self-regulation protect consumers?
Maintaining competence
Professional standards / guidance
Monitoring complaints and discipline
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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
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Revalidation of Professional Competence (Cont/d….)
Fellows and associates who are “working”
New Actuarial Profession’s practising certificate
CPD
Professionalism course
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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