March 2008 15www.the-actuary.org.ukThe consultation period for the Actuaries8217 Code and supporting Actuarial Profession Standards, produced by the Professional Affairs Board, came to a close on 4 January 2008. In all, 35 respondents contributed but by far the most critical respondent was the Professional Oversight Board, which chose to publish a letter on its website.The Professional Affairs Board recognises that this second round of consultation brought forward some fresh ideas, many taking an opposite view to feedback received in the first exercise, and it recognises that the Professional Oversight Board8217s contribution does contain some valid and useful comments. There remain some significant areas of apparent divergence between the two but the Professional Affairs Board expects these issues can be resolved. Taken alongside some of the feedback from other respondents, however, the Board has accepted that it would be sensible to rework the wording of some of the principles and indeed some of the presentation.With that in mind, the Professional Affairs Board has arranged meetings with the Professional Oversight Board both at board and executive level to take the Code forward. The Professional Affairs Board anticipates that there may be some significant changes in wording and to that end it will arrange another consultation process, including meetings in Edinburgh and London. This will inevitably push the implementation period back towards autumn this year.NewsProfessionNews in briefAndrew Smith decisionThe outcome of the ballot on the election of Andrew Smith as a fellow of the Institute was due to be announced at the Institute Council meeting on 25 February. For more details, please visit www.actuaries.org.ukDirectory updatesUpdate 12 to the Professional Standards Directory was issued on 31 January. The Directory is designed to permit members and others to access the current BAS standards together with the current version of the Actuarial Profession Standards. The Directory can be found at www.actuaries.org.uk/regulation/standards_compliance/professional_standards_directoryBAS standardsThe Board for Actuarial Standards (BAS) is responsible for producing technical actuarial standards and the Actuarial Profession is responsible for implementing those standards. Each body is responsible for the content on its own website. The BAS has advised that some amendments to reflect changes in underlying regulation have been made to:n GN09: Funding Defined Benefits 8212 Presentation of Actuarial AdviceThe revised Version 8.1 can be found at: www.frc.org.uk/documents/pagemanager/bas/GN9.pdfn GN11: Retirement Benefit Schemes 8212 Transfer ValuesThe revised Version 9.3 can be found at: www.frc.org.uk/documents/pagemanager/bas/GN11.pdfn GN22: Disclosure 8212 Financial Services Authority Rules The revised Version 3.0 can be found at: www.frc.org.uk/documents/pagemanager/btas/GN22.pdfThe revised Guidance Notes came into effect on 1 February. As indicated in May 2006, the Profession has ceased sending members copies of new or amended guidance in hard copy.Using Strategic Concepts This is a one-day workshop to help sharpen your strategic thinking skills. Designed for the Profession by Imparta, it will appeal to qualified actuaries involved in strategic discussions and decisions within their employer or client companies. Places are limited to 20 per date. Workshops will run at Staple Inn on Tuesday 8 July, Monday 29 September and Monday 8 December. For more details, please visit wam.actuaries.org.uk/wam/ConfBooking.exeBAS appoints interim directorHarold Clarke FIA has been appointed to act as the interim director for the Board for Actuarial Standards, following the departure of Nigel Bankhead at the end of 2007.Harold qualified as a fellow in 1975 and retired in 2005 as an actuarial partner at Deloitte Touche. Since 1986 he has worked as a consultant in general insurance, with an extensive client list in the UK and Continental Europe. He has specialised in the review of claims reserves, and the valuation of insurance companies, often in the context of a mergers and acquisitions transaction. He is an existing member of the Board and is also a non-executive director of the Medical Defence Union and Equity Syndicate Management.an analysis of customer outcomes, pricing, reserving, risk management and hedging. The paper ends with a description of current UK pensions legislation and how it potentially constrains product development. The meeting will be held at 5pm (tea from 4.30pm) at The Royal College of Physicians, 9 Queen Street, Edinburgh. This paper will also be presented at the Institute Sessional Meeting on 31 March at 5pm at Staple Inn Hall, High Holborn, London.Variable Annuities is the subject of the Faculty Sessional Meeting on 17 March. The paper (by MC Ledlie, DP Corry, GJ Finkelstein, AJ Ritchie, K Su and CDE Wilson) provides a detailed overview of variable annuities and the market in the UK and overseas. It considers the definition of variable annuity and introduces common terminology used in the variable annuity market. It also covers the current state of the UK and other international markets and, by reference to a simplified product, presents Variable annuities sessional meetings announcedNew consultation for Actuaries8217 Code Consultation meetings to take place in Edinburgh and London.Alvaro PrietoHarold Clarke014+015_Actuary_Profession_0308.15 1519/2/08 14:08:19
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