6 March 2023
The Financial Reporting Council (FRC) has published version 2.0 of Technical Actuarial Standard 100 (TAS 100) and its associated guidance. The new version of the Standard includes revisions to ensure that it reflects current practices in actuarial work and addresses known gaps in the quality of actuarial work.
The revised Standard includes a new requirement that practitioners must consider all relevant material risks, including climate change and ESG-related risks, which they might reasonably be expected to know about at the time of carrying out their work.
In addition, the revised Standard introduces a new Application section that sets out the FRC's expectations to give practitioners a better understanding of how to interpret and comply with the principles and to narrow the range of interpretations and practices in the application of TAS 100, to help promote consistency in actuarial work.
Following the consultation in 2022, the FRC has published a feedback statement alongside the revised Standard.
The FRC will be hosting a webinar on March 14 at 10am for which you can register via the FRC website.