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The actuary as fallen hero: on the reform of a profession

Author

Listed:
  • David Collins

    (University of Essex, dscdlin@essex.ac.uk)

  • Ian Dewing

    (University of East Anglia, i.dewing@uea.ac.uk)

  • Peter Russell

    (University of East Anglia, p.o.russell@ueq.ac.uk)

Abstract

This article investigates reform of the actuarial profession following the establishment of the UK Financial Services Authority and as a result of the problems emerging at the Equitable Life Assurance Society. Perceptions on changes to the role of life actuaries are explored using interviews with senior actuaries and accountants. The study complements the few existing academic analyses of actuaries and yet challenges these analyses inasmuch as it locates actuarial work within a broader sociological frame. Thus, the article views the actuarial profession not as a simple collection of traits but as a dynamic socio-historical project that reflects and projects professional knowledge claims.The article concludes that the imposed reforms have rescued the actuarial profession from its failure to reform itself, at least in the short term. The main price to be paid is that regulation of the actuarial profession is firmly locked into the regulatory structures of the accountancy profession.

Suggested Citation

  • David Collins & Ian Dewing & Peter Russell, 2009. "The actuary as fallen hero: on the reform of a profession," Work, Employment & Society, British Sociological Association, vol. 23(2), pages 249-266, June.
    • Handle: RePEc:sae:woemps:v:23:y:2009:i:2:p:249-266
    DOI: 10.1177/0950017009102857
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    References listed on IDEAS

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    1. Morris, Derek, 2005. "Review of The Actuarial Profession," British Actuarial Journal, Cambridge University Press, vol. 11(2), pages 313-313, June.
    2. Bellis, C.S., 2000. "Professions in Society," British Actuarial Journal, Cambridge University Press, vol. 6(2), pages 317-364, August.
    3. Ian P. Dewing & Peter O. Russell, 2006. "Corporate Governance – Regulation and Reform: the actuarial governance of UK life insurers," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(3), pages 172-180, May.
    4. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    5. Sikka, Prem & Willmott, Hugh, 1995. "The power of "independence": defending and extending the jurisdiction of accounting in the United Kingdom," Accounting, Organizations and Society, Elsevier, vol. 20(6), pages 547-581, August.
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    Cited by:

    1. Power, Mike, 2015. "Building the behavioural balance sheet: An essay on Solvency 2," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(1), pages 45-53.
    2. Divya Anantharaman, 2017. "The role of specialists in financial reporting: Evidence from pension accounting," Review of Accounting Studies, Springer, vol. 22(3), pages 1261-1306, September.

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