Question to the Department for Work and Pensions:

To ask His Majesty's Government which regulatory body oversees the actuarial profession in connection with advice to members, trustees and sponsors of Defined Benefit pension schemes and what mechanism there is for compensation for schemes or members who lose out as a result of negligent advice or failure to warn of all material risks to the pension scheme or its members.

The actuarial profession is regulated by the Institute and Faculty of Actuaries (IFoA) which is the relevant professional body. It is possible to raise a concern or complaint relating to an individual member of the IFoA directly to the IFoA.

The Actuaries’ Code is the ethical Code of Conduct to which all IFoA members must adhere. Failure by a member to comply with the ethical requirements set out in the Code may lead to disciplinary proceedings under the IFoA’s Disciplinary Scheme.

The Financial Reporting Council (FRC) is the oversight body for the actuarial profession, and this provides a further route for complaints about professional standards and conduct.

Where a pension scheme trustee, sponsoring employer or member believes they have suffered a loss as a result of negligent actuarial advice, redress would normally be sought through the courts under professional negligence or breach of contract.