The UK actuarial leader has welcomed a wide-ranging review into the profession announced yesterday, following the publication of a report into the collapse of life insurer Equitable Life, and said steps were already being taken to improve levels of accountability and independence.

Jeremy Goford, president of the Institute of Actuaries (IoA), the profession's ruling body in England and Wales, said he was 'opening doors' to the review, which will begin in May and be conducted by Sir Derek Morris, who is soon to retire as chairman of the Competition Commission.