Part 44Miscellaneous provisions
Regulation of actuaries etc
1274Grants to bodies concerned with actuarial standards etc
1
Section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) (grants to bodies concerned with accounting standards etc) is amended as follows.
2
In subsection (2) (matters carried on by bodies eligible for grants) for paragraph (l) substitute—
l
issuing standards to be applied in actuarial work;
m
issuing standards in respect of matters to be contained in reports or other communications required to be produced or made by actuaries or in accordance with standards within paragraph (l);
n
investigating departures from standards within paragraph (l) or (m);
o
taking steps to secure compliance with standards within paragraph (l) or (m);
p
carrying out investigations into public interest cases arising in connection with the performance of actuarial functions by members of professional actuarial bodies;
q
holding disciplinary hearings relating to members of professional actuarial bodies following the conclusion of investigations within paragraph (p);
r
deciding whether (and, if so, what) disciplinary action should be taken against members of professional actuarial bodies to whom hearings within paragraph (q) related;
s
supervising the exercise by professional actuarial bodies of regulatory functions in relation to their members;
t
overseeing or directing any of the matters mentioned above.
3
In subsection (5) (definitions) at the appropriate places insert—
“professional actuarial body” means—
a
the Institute of Actuaries, or
b
the Faculty of Actuaries in Scotland,
and the “members” of a professional actuarial body include persons who, although not members of the body, are subject to its rules in performing actuarial functions;
“regulatory functions”, in relation to professional actuarial bodies, means any of the following—
a
investigatory or disciplinary functions exercised by such bodies in relation to the performance by their members of actuarial functions,
b
the setting by such bodies of standards in relation to the performance by their members of actuarial functions, and
c
the determining by such bodies of requirements in relation to the education and training of their members;