Actuarial expert witness
Expert witness services
In litigation, or in any type of dispute, issues can arise where the resolving of the differences can benefit from an independent actuarial report prepared so that it can be provided to all the parties and to a court or tribunal.
Examples are evaluating financial risk, matching different types of financial product to financial risk or needs, valuing financial products, or devising financial solutions where financial dispositions are required in circumstances such as divorce where pension valuation and/or splitting is required, or terminating a trust and dividing the assets. There are other examples including where it is necessary to track financial performance over time and analyse the consequences, or mortality analysis etc
Expert witness services are where evidence, such as that described above, is provided in a document that exactly defines the question or questions that were considered, the documentation or investigations relied upon, and the conclusions – fully explained, signed with a statement of truth. The expert witness service can include, as required, the further services of answering questions on the evidence provided, having a meeting with an expert appointed by the other party or one of the other parties to identify what is agreed or what is not agreed and the reason for the disagreement, and giving oral evidence to explain the work done and the conclusions in Court or before a tribunal and to be questioned.
Usually, we are instructed by a solicitor acting for one of the parties. Sometimes we are appointed as a single joint expert by both (or all) the parties. We are sometimes able to accept instructions directly from one of the parties provided that what is required is an independent actuarial report as we have described above.
We can be instructed before litigation (or other dispute resolution process) has started if the purpose is to determine what our evidence would be, as one element that will be considered before a decision is taken whether to proceed.
Our usual procedure is to provide a draft report for checking of facts and that the scope is what is required. Although a draft report is not signed with a statement of truth it must still be prepared with the intention that the formal report can be so signed. The formal report must be signed with a statement of truth by an identified individual who is then professionally responsible for the report.
We are sometimes asked to use the same actuarial expertise that we have referred to above to provide technical assistance to a party in relation to managing a claim or other dispute resolution process. Examples are advice on the merits of a claim, advice on the procedure for pursuing a claim, advice on how best to present a claim, and advice on possible means of challenging an unsatisfactory outcome to a claim, that goes beyond evidence that can be provided to all the parties and to a court or tribunal. This would be an advisory expert service that is separate from the expert witness service. If we provide an advisory expert service to a claimant (or to a claimant’s solicitor or other representative) that would constitute an activity regulated by the Financial Conduct Authority in accordance with the provisions of the Financial Services and Markets Act 2000 and we may at our sole discretion decide that we are not able to or do not wish to meet the regulatory requirements.