The ABI today said it welcomed many of the recommendations of the Morris Review of the Actuarial Profession.

But the body questioned the role of actuaries in overseeing risk management within general insurance.

Peter Vipond, director of financial regulation and taxation at the ABI, said, “We fully support the Review's proposal that the Financial Reporting Council (FRC) will have responsibility to set standards and oversee the actuarial profession.

“Any future changes to risk management processes in general insurance companies should require the involvement of an approved person with the relevant skills. But the case for insisting that such a person is an actuary is far from proven.”