ABI unveils consultation on actuarial advice

The draft guidance states this should happen when such advice influences decisions that can result in significant changes in the running of life insurance policies and therefore policyholder benefits or affects the decision to enter into and/ or the price paid in large transactions. It also says this should happen if the advice is critical to the implementation of material new regulatory or equivalent requirements or if the advice is provided in an area where the governing body is aware industry practice may have developed significantly since the last such advice was obtained. The ABI...