UK – Former Laurentian Financial Group chief executive Paul Seymour has been appointed chairman of the UK’s new actuarial standards board.

The Board for Actuarial Standards, or BAS, has been set up by the Financial Reporting Council following the Morris Review of the actuarial profession in March.

The new board aims to “to set high quality actuarial standards independently of the actuarial profession or other interests”.

Seymour, 61, is a qualified actuary, who has operated at senior managerial and director level in the financial services sector for more than 30 years, the FRC said.

“We are delighted that Paul Seymour has agreed to become the first chair of the Board for Actuarial Standards,” said FRC chairman Sir Bryan Nicholson.

“He will have a key role in ensuring the success of the new Board – making sure that it is genuinely independent and commands the confidence of those who rely on actuarial advice and the work of the actuarial profession.”

Seymour added: “As a regulator, the FRC is committed to wealth creation. Financial services in the UK account for a significant proportion of GDP, and pensions and insurance form a large part of that sector. Standards set for the actuarial profession are central to the success of these businesses.

“Overseeing these will be a challenging task, and I am really looking forward to it. Our two immediate priorities will be to get together a strong Board, with the right balance, and to start to engage with our stakeholders.”