Actuaries failed to tell boards their returns were not viable

None of the appointed actuaries of five of the UK's largest life offices ever formally warned their ...

None of the appointed actuaries of five of the UK's largest life offices ever formally warned their boards that the projected rates of returns on their respective mortgage endowment policies were not viable. The chief executives of Standard Life, Prudential, Legal & General, Aviva and Royal & SunAlliance gave evidence to the Treasury Select Committee. At the hearing, the five were questioned as to whether their appointed actuaries ever warned the endowments would fall short of their expected payouts. The role of the appointed actuary is to protect policyholders' interests, the committe...