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