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FRC publishes TAS position paper and opens consultation on TAS 400

20 February 2023

The Financial Reporting Council (FRC) has published a position paper summarising the responses from last year’s Call for Feedback on sector-specific Technical Actuarial Standards (TAS).

The FRC have reported that, the:

  • Feedback showed the TASs are generally supported as effective in promoting high quality actuarial work.
  • FRC continues to view that the principles-based nature of the standards allows for the use of judgement and proportionality, resulting in practitioners focusing on the goals of the TASs rather than compliance.

In addition, the FRC has launched a consultation on revising TAS 400, following the transfer of funeral plan authorisations and supervision from the Funeral Planning Authority to the Financial Conduct Authority.

The proposed revisions include new requirements for actuaries' responsibilities, such as approvals and transfers. The consultation is open for feedback until 12 April 2023.

The FRC continues its review of the TASs and have explained that this is to ensure they continue to be fit for purpose and reflect changes to the environment within which actuaries operate. The FRC plans to consult on proposals to revise TAS 300 in key areas such as Collective Money Purchase Schemes whilst deferring considerations in respect of the Scheme Funding and Financing until the relevant sectoral Regulations and the Code of Practice have been finalised.