16 March 2005
Morris Review of the Actuarial Profession
Final Report
Sir Derek Morris published the final report of his review of the actuarial profession on 16 March 2005. The final report is addressed to the Financial Secretary to the Treasury, Stephen Timms MP. It summarises the consultation feedback the review received on the policy options set out in the interim assessment and gives Sir Derek's final recommendations for change.
PDF file of the Morris Review of the Actuarial Profession: Final report (679KB)
PDF file of the Government´s Response (80KB)
Press notice 16/03/05: Morris Review final report published
Interim Assessment Report
The review has published its interim assessment report. This report summarises the initial consultation feedback that the review received, identifies key issues and proposes possible policy options to address these issues.
PDF file of the Morris Review of the Actuarial Profession: Interim assessment report (1.25MB)
Press Notice 17/12/04: Morris Review interim assessment report published
Interim Assessment Report Responses
The review is very grateful for the responses received on its Interim Assement Report. The review have published online on this website all the non-confidential responses .
Consultation
PDF file of Morris Review of the Actuarial Profession: Consultation document covering letter
PDF file of Morris Review of the Actuarial Profession: Consultation document
Press Notice 20/06/04: Morris Review Consultation document published
Press Notice 01/10/04: Consultation closes and advisory panel announced
Consultation Responses
The review team has consulted widely with key stakeholders to establish views and inform analysis. The responses have been issued and published online on this website .
International Comparisons
The review team asked a number of questions to the actuarial professions overseas. These responses have been published online on this website .
Background
On 8th March 2004, in response to Lord Penrose' report of the Equitable Life inquiry, Ruth Kelly MP, Financial Secretary to the Treasury, announced an independent review into the actuarial profession, with a particular focus on considering how best to modernise the profession and see that high standards are delivered in a more open, challenging and accountable professional culture. The review was conducted by Sir Derek Morris, the former Chairman of the Competition Commission. The review commenced on 1st May 2004 and was due to report by Spring 2005.
The terms of reference of the review were to:
Consider what professional and/or other regulatory framework would best promote recognised, high-quality and continuously developing actuarial standards, openness in the application of actuarial skills, transparency in the professional conduct of actuaries, accountability for their actions and an open and competitive market for actuarial advice in the UK;
In doing so:
- Take into account developments in the actuarial profession, in regulation, and in the financial services market, in the UK and abroad;
- Examine the roles of actuaries in the financial services sector, including in providing actuarial opinions in relation to audited accounts;
- Build on the work of recent government and regulatory initiatives;
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Examine the relationship between the Government Actuary’s Department and the actuarial profession and with other parts of government.
Recommend a framework that will be independent in representing the public and consumer interest, and be accountable, flexible, transparent, and no more burdensome or restrictive than is clearly justified.
Make recommendations on the future role of the Government Actuary, the functions of his Department and its future institutional status.
The review was expected to deliver a final report with recommendations by spring 2005.
Press Notice for Independent reviews into corporate governance of mutual life offices and the actuarial profession Report of the Equitable Life Inquiry
"An Introduction to the UK Actuarial Profession: Prepared for Sir Derek Morris and his review team" (PDF 180KB) on the Actuarial Profession website (external link)