Question to the HM Treasury:

To ask the Chancellor of the Exchequer, for what reason he proposes that the new Audit Regulation and Governance Authority will regulate non-public interest actuarial work.

As set out in the Government’s May 2022 response to its White Paper consultation, Restoring trust in audit and corporate governance, the Government intends that the Audit, Reporting and Governance Authority (ARGA) will regulate public interest actuarial work. These activities have the most significant adverse consequences if not carried out and completed to an appropriate standard.

For non-public interest actuarial work, ARGA will have powers to set technical standards, but will not have monitoring or enforcement powers.

This approach maintains the status quo in respect of non-public interest actuarial work, as the Financial Reporting Council currently sets technical actuarial standards. It will also deliver a broader strengthening of the actuarial regime, as recommended in Sir John Kingman’s independent review.