An actuary from the Government Actuary's Department (GAD) is a member of the newly-formed cost benefit analysis (CBA) panel. Andrew Maclaren, the other members and the Chair, were appointed for a period of 3 years.
The panel has been established by the Prudential Regulation Authority (PRA) and the Bank of England ('the Bank'). The PRA is required to establish and maintain a CBA panel under a section of the Financial Services and Markets Act 2000.
Advice on analysis
The CBA panel consists of senior financial services and cost benefit analysis experts. It provides advice on the preparation of cost benefit analysis when the PRA and the Bank propose or amend rules for firms and financial market infrastructures.
Panel members may also provide recommendations for how to improve the overall methodology and approach to cost benefit analysis.
GAD actuary
Andrew Maclaren, an actuary based at GAD, has worked in the public and private sectors as an actuary and asset manager. He is the trustee of 2 pension funds, an investment adviser and independent university examiner. Andrew is also a Fellow of the Institute and Faculty of Actuaries.
Commenting on his appointment, he said: "Managing projects for GAD clients has developed my expertise in both financial regulation and cost-benefit analysis. I'm excited to bring this knowledge to the CBA panel."
Next steps
Panel members were appointed after agreement by the Bank of England's Prudential Regulation Committee in consultation with the Financial Market Infrastructure Committee.
The CBA panel, which began its work in August, will discuss the Bank's approach to cost benefit analysis in the early autumn.
