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Implementing new financial regulation: actuaries and UK with-profits funds

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  • Ian Dewing
  • Peter Russell

Abstract

One feature of the UK Financial Services Authority's (FSA) approach to regulation is the involvement of private actors in the regulatory process. This paper explores the introduction of ‘Principles and Practices of Financial Management’ (PPFM) for the management of with-profits funds of UK life insurers, and reports the experience of actuaries as private actors having a key role in implementing the FSA's PPFM framework. Actuaries reported experiencing considerable challenges in implementing the PPFM framework and, while accountability had increased, actuaries expressed scepticism about the ability of consumers and policyholders to make use of the increased amount of publicly available information.

Suggested Citation

  • Ian Dewing & Peter Russell, 2009. "Implementing new financial regulation: actuaries and UK with-profits funds," The Service Industries Journal, Taylor & Francis Journals, vol. 30(12), pages 1955-1966, June.
    • Handle: RePEc:taf:servic:v:30:y:2009:i:12:p:1955-1966
    DOI: 10.1080/02642060903191116
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    References listed on IDEAS

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    1. Hutter, Bridget M., 2006. "The role of non-state actors in regulation," LSE Research Online Documents on Economics 36118, London School of Economics and Political Science, LSE Library.
    2. Black, Julia, 2003. "Mapping the contours of contemporary financial services regulation," LSE Research Online Documents on Economics 36045, London School of Economics and Political Science, LSE Library.
    3. Parker,Christine, 2002. "The Open Corporation," Cambridge Books, Cambridge University Press, number 9780521818902.
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