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Penrose – Some Lessons

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. The Morris Review. Reserved roles

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Penrose – Some Lessons

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  1. 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

  2. The Morris Review • Reserved roles • Accountability and the public interest • Can self-regulation protect consumers? • Maintaining competence • Professional standards / guidance • Monitoring complaints and discipline

  3. 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

  4. Revalidation of Professional Competence (Cont/d….) • Fellows and associates who are “working” • New Actuarial Profession’s practising certificate • CPD • Professionalism course

  5. 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

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