Professional standards
Upholding standards and protecting the reputation of the actuarial profession
Our Royal Charter stipulates our role as regulators of the actuarial profession in the public interest. That means ensuring we support our members in meeting ethical and professional obligations, and that we can maintain public confidence in the actuarial profession.
The future of actuarial regulation
Working with the Financial Reporting Council
In 2018, the Government announced a major review of the Financial Reporting Council (FRC), the body involved in the regulation of accountants, auditors and actuaries in the UK.
This was prompted by concerns about the quality of UK audit following several high-profile corporate collapses. The IFoA actively engaged with successive governments, the FRC, and other stakeholders to represent members’ interests, as proposals were developed that would have seen the regulation of UK actuaries placed on a statutory footing through the proposed Audit Reform and Corporate Governance Bill.
Until now, their regulatory duties have been governed by a Memorandum of Understanding (MoU) between them and the IFoA. Late last year, after over seven years of consultation and engagement, the Government decided not to place the regulation of actuaries into legislation. Instead, the FRC and IFoA will continue with voluntary arrangements under an updated MoU.
It was our belief that statutory intervention might have led to unintended consequences for IFoA members and their employers. These included increased regulatory burdens and costs, as well as a negative impact on the profession’s competitiveness. We are pleased with the positive outcome. We are currently working with the FRC to ensure that our MoU supports a modern, proportionate regulatory framework for actuaries.
Peter Tompkins FIA C.Act, IFoA Regulatory Strategy Steering Group
For several years, the Regulatory Strategy Steering Group has been working hard to persuade the Government of the unintended consequences for our UK members, the public interest and the IFoA as an organisation had it proceeded with legislation. The Government’s decision is a positive outcome for us and is an excellent example of how we have advocated, and been an authoritative voice, for our members.
We support members’ careers through initiatives such as the Professional and Regulatory Support Helpdesk and reflective practice discussions
The Professional and Regulatory Support Helpdesk is a free and confidential service for IFoA members around the world. Available by telephone or online via the members’ area of the IFoA website, it is a space to ask questions and find advice about the application of professional and technical standards as well as ethical dilemmas. Members get a tailored response to their enquiries, provided by experienced members of the helpdesk panel.
Reflective practice discussions (RPDs) provide a valuable opportunity for members to reflect on their professional development, and to recognise that CPD is a tool that can support individual learning journeys.
IFoA-led group RPDs were introduced in September 2024 and have been well received by participants. To date, the team has facilitated 47 group sessions, engaging more than 220 recently qualified members, with 95% of survey respondents saying the session offered a different perspective or positively changed their view towards CPD.
Reflective practice session
Arnab Debnath FIA C.Act MMath
I found the RPD completely changed my view on CPD. Previously I had viewed it as a tick box exercise, but I quite quickly understood the wider benefits of having a well-planned-out approach to CPD going forward.
Gareth Connolly FIA C.Act BSc
The discussion about learning experiences was very interesting and reassuring – eg to see how some unplanned learning opportunities can be more valuable than, say, attendance at webinars that are traditionally seen as the sources of CPD.
The IFoA ensures members are held to high professional standards
The Practising Certificates (PC) scheme provides assurance around the competency of members that are appointed to some of the most senior UK regulated actuarial roles, details of which can be found on the Practising Certificate page of our website. PCs reflect that the actuary who holds them has shown they have the competencies needed to be a PC holder, and to carry out the role.
An interim review of the new Disciplinary Scheme in 2024 showed that it was working well. It is clear, as we approach the end of the third year of the scheme, that it is ensuring only cases that genuinely require full investigation are being progressed, allowing us to focus resources where they are most needed. At the same time, we are able to resolve disciplinary matters swiftly and proportionately.
Robert Garvin FIA MA, Member of the Disciplinary Committee
Playing a small part in the IFoA Disciplinary Scheme enables me to see how much work is done behind the scenes to judge fairly whether individual actuaries meet the standards of behaviour expected by the wider public. The Disciplinary Scheme is a key factor in protecting the profession’s reputation.
How we help members and firms demonstrate that they are meeting our standards
The IFoA is a designated professional body (DPB) overseen by the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000. It is a framework that allows us to provide an alternative route for regulatory licensing of actuarial firms to carry out certain financial services advice. As at the end of 2025-2026, we have 11 firms licensed under the scheme.
This year has seen a significant project to update the core documents that support the DPB, including the DPB Handbook and associated policies and procedures, with final versions due to be published later in 2026.
The Quality Assurance Scheme (QAS) recognises organisations that are committed to the highest quality standards.
More than a simple accreditation, it fosters ongoing engagement and continuous improvement through a strong professional community, supported by regular forums for Senior Quality Representatives (SQARs) – appointed representatives of accredited organisations.
The QAS’s global reach has continued to extend with insureAI becoming the first South Africa-based firm to achieve accreditation in January 2026, demonstrating the global relevance and value of the scheme.
Ron Richman PhD, FIA BSc, CERA, Founder and CEO, insureAI
QAS accreditation is recognition for our actuarial team and their commitment to high standards. It's also a platform for continued engagement with the IFoA. As the first South African firm to achieve QAS accreditation, I hope our experience is useful for others considering the scheme.
An updated version of the Actuaries’ Code came into effect on 25 September 2025, accompanied by updated member guidance
The updated version of the Code and guidance were created following extensive consultation with members, employers and other stakeholders. It reflects our wish to have a proportionate, consistent, targeted, accountable and transparent approach to regulation. This ensures that all members of the profession feel included and protected while also respecting the full range of member perspectives on diversity, equity and inclusion (DEI).
Full details of the consultation process and outcomes are detailed on our website, and the most recent versions of the Code and associated guidance can be found on the Actuaries’ Code webpage.
The IFoA’s public interest thematic review programme provides insights that support important decisions
Thematic reviews cover the wide range of work actuaries carry out on behalf of their clients and firms, and help inform the IFoA’s professional regulation, including decisions about the standards and guidance that support our members in key areas of actuarial work.
They also help to highlight and share insight and best practice recommendations in relation to key topics of interest to members.
During 2025, reviews included examinations of pension scheme design, and climate and sustainability work. We received more than 50 submissions, and conducted multiple interviews, to gain a deeper understanding of activity on the ground in both areas, which provided invaluable insights for our findings. We look forward to continuing those collaborations, with reviews on consumer fairness and pension scheme funding in 2026.
Georgina Bedenham FIA C.Act BSc, Head of Climate and Disaster Risk, Government Actuary’s Department
Being able to contribute to the thematic review was a valuable opportunity, particularly as my work sits in an emerging and still relatively novel area for actuaries. The case studies and findings provided real insight into what actuaries are already doing in this space, and where practice is developing.
