An IORP must enable the key function holders and any of their staff to fulfil their tasks in an objective, honest and independent manner.
In order to examine whether this legal obligation is complied with in practice, the FSMA has conducted an inspection campaign. The inspections were directed at examining the independence of the actuarial function, although this issue may also arise in other key functions.
The FSMA has included the findings of this inspection campaign in an overall sector report. The FSMA also provides more information in that report about what qualifies as a conflict of interest in the context of exercising the actuarial function and of other activities by the person/persons who fulfil the actuarial function. Moreover, the FSMA sets out a number of good practices and points for improvement.
This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.