MPs on the Treasury select committee clashed with heads of the UK actuarial profession yesterday.

Chairman of the committee John McFall started the meeting by accusing actuaries of being involved in an industry which had been beset by a "litany of scandals".

"Why have we had these scandals, and why have the actuaries not sorted them out?" he said.

Representing Scottish members of the profession, president of the Faculty of Actuaries Tom Ross last night criticised the MPs.

"The whole thing became a bit of a circus, like a courtroom playing with words. I don't think that in itself is helpful," he said.