FRC UNVEILS DRAFT REGULATIONS FOR ACTUARIAL PRACTICE STANDARDS

The Financial Reporting Council (FRC) has unveiled draft regulations aimed at strengthening professional standards and improving oversight within the actuarial profession in Nigeria.

According to the council, the proposed regulations are designed to establish clear guidelines for actuarial practice, enhance accountability, and promote consistency in the application of professional principles across the industry.

The FRC noted that actuaries play a critical role in sectors such as insurance, pensions, investment management, and risk assessment, making strong professional standards essential to maintaining public confidence and financial stability.

Officials explained that the draft framework outlines requirements relating to professional conduct, technical competence, reporting obligations, and compliance with internationally recognized best practices.

The council has invited stakeholders, including industry practitioners, regulatory agencies, professional bodies, and members of the public, to review the proposals and provide feedback before final implementation.

Experts in the financial sector welcomed the initiative, describing it as a positive step toward improving governance, transparency, and risk management across industries that rely heavily on actuarial expertise.

They noted that stronger standards could help improve decision-making, strengthen investor confidence, and align Nigeria’s actuarial profession with global developments.

The FRC reaffirmed its commitment to promoting high-quality financial reporting and professional excellence through effective regulatory frameworks that support sustainable growth and public trust.