The Actuary as an Expert in Legal Proceedings: New Actuarial Profession Standard
The Institute and Faculty of Actuaries (IFoA) is introducing a new mandatory Actuarial Profession Standard (APS) in relation to members instructed (or contemplating instructions) to act as an expert in legal proceedings:
Actuarial Profession Standard X3: The Actuary as an Expert in Legal Proceedings
The Professional Standards Directory is designed to permit members and others to access the IFoA Actuarial Profession Standards, together with the current Financial Reporting Council Standards.
The IFoA had previously consulted upon a proposal to introduce a new Actuarial Profession Standard (APS) relating to actuaries instructed as expert witnesses or expert advisers.
Version 1.0 of APS X3 comes into effect on 1 January 2015. This replaces the existing Information and Assistance Note: The Actuary as an Expert Witness, which will be withdrawn at the same time.
The APS is accompanied by a detailed guide, which is intended to assist those who are instructed as expert witnesses or expert advisers, as well as those thinking about accepting such instructions.
The guide is focused primarily upon UK legal proceedings, but the Institute anticipates that the guidance might be useful in other jurisdictions as well.