Proud of the standard

Supporting the reputation of the profession

As actuaries, the work that our members do has a tangible impact on society. We make sure that the respected reputation of the actuarial profession is maintained to the highest possible standard and supports the vital work our members do.

Regulatory Board

Regulating the profession in a way that promotes the public interest

The IFoA’s Regulatory Board is responsible for overseeing the delivery of the IFoA’s regulatory function. The board’s own annual report details the significant programme of work undertaken by the board over the last year and highlights the future priorities.

The board’s public interest focus has informed much of its work over the last year. This includes thematic reviews into actuarial involvement in corporate pension schemes and in the fast-moving area of data science; the publication of ethical and professional guidance to support members in their understanding of the risks and opportunities arising from climate change; and the consideration of how the principles of diversity, equity, and inclusion (DEI) are reflected in our regulatory framework. The board’s work on DEI is ongoing, with the focus now on a consultation on draft guidance for members.

Other priorities for the board in 2024 include the introduction of a new regulatory and professional support service, consideration of how exam standards are set, and the development of the Regulatory Board’s relationship with the newly established IFoA Board.

Read the Regulatory Board’s annual report

Simon Martin

IFoA member on the Regulatory Board

As an IFoA member on the Regulatory Board, I have enjoyed the opportunity to help and support its purpose of promoting the public interest by holding members to high standards of professional competency and conduct. The lay members bring a wide range of experience and help to ensure that the board considers the broader world beyond the profession.

The future of actuarial regulation

Influencing the debate on proposed reforms to actuarial regulation

Over the past year, the IFoA’s Regulatory Strategy Steering Group has continued leading the profession’s response to the UK government’s proposed reforms to actuarial regulation, despite the omission of legislation at the 2023 King’s Speech. Highlights of our influence on the debate include:

Raising our concerns with influential parliamentarians, including the chair of the Work and Pensions Select Committee and the Economic Secretary to the Treasury
Sustained engagement with senior decision-makers, policymakers, and influencers, including influential parliamentarians of all parties, regulators, government officials, employers, and other industry partners
Strengthening our relationship with the Financial Reporting Council in lieu of legislative progress
Targeted briefings issued to key parliamentarians to inform the wider debate and provide the IFoA view

Jane Curtis

Member of the IFoA Regulatory Strategy Steering Committee

We are proud that the IFoA has been the key voice in the debate, working hard to ensure that the future regulatory framework for actuaries is effective and proportionate, and continues to serve the public interest.

Practising Certificates Scheme

Our commitment to proportionate and consistent regulation

The Practising Certificates Scheme is a key part of our regulatory framework. It provides public assurance that members who hold a practising certificate (PC) have demonstrated the required competencies to potentially take on one of the significant UK actuarial roles covered by the PC Scheme.

The last year has seen the new approach to PCs fully embedded, with 100 new PCs issued under the scheme. A post-implementation review is now being carried out to assess whether the objective of ensuring the PC Scheme serves the public interest by being effective, fair, and proportionate has been met. The review will also allow us to gain valuable feedback from our members to help maintain a robust and efficient process.

We are committed to proportionate and consistent regulation. One key change to the scheme, following a public consultation, was the removal of the requirement for reviewing actuaries in life firms to hold a PC. We also sought member feedback on draft guidance to support those carrying out such roles following the removal of the PC requirement.

Learn more about IFoA practising certificates

Michael Shimwell

IFoA Fellow and Chief Actuary, Isio

I recently completed my first full renewal under the new competency based practising certificate scheme. Compared to the previous approach, I found the competency based framework really helpful. The framework provided clarity on what I needed to evidence and felt far less like a box ticking exercise than previous renewals.

Disciplinary Scheme

Upholding high standards of professional conduct

In August 2023 we launched a revised Disciplinary Scheme. While few members will have contact with the IFoA’s disciplinary process, enforcement of the IFoA’s standards plays a vital role in ensuring the public continues to place its trust in our members.

The revised Disciplinary Scheme has many benefits, including greater flexibility and efficiencies, without compromising the integrity and fairness of the process. It is also easier to follow, ensuring members can understand the disciplinary process and the options available to them when facing an allegation.

A number of new features have also been introduced including an initial assessment process and disciplinary orders, which are a quicker alternative for more straightforward cases. These new processes are allowing us to focus time and resources on the more serious cases that require fuller investigation, helping us to deliver improved efficiency and better value for the membership.

Nicola Williams

Chair, IFoA Disciplinary Committee

IFoA members are valued worldwide for their high standards of professional competency and conduct. The new Disciplinary Scheme empowers the IFoA to enforce those standards in a proportionate and efficient manner; helping us to better protect the reputation of our members and maintain public confidence in the profession.

Reflective practice discussions

Supporting our members’ professional development

Reflective practice discussions (RPDs) have been supporting our members’ professional development for over two years. These discussions provide an opportunity for members to reflect on completed continuing professional development (CPD) activities, the learning outcomes of those activities, and how that learning can be applied.

Since its launch in late 2021, more than 480 RPDs have been facilitated by the RPD Team. Feedback from members suggests that this revision to the CPD Scheme is less tick-box and more driven by career goals. Members tell us they feel more comfortable in selecting learning options driven by their learning needs instead of engaging in activities purely to meet CPD requirements.

We continue to explore how we can extend the IFoA led RPD offering. Throughout 2023 we offered in-person RPDs at three IFoA conferences. In addition, we have recently launched a trial of group RPDs, which allows recently qualified members to come together in a small group setting to reflect on their IFoA CPD.

Learn more about our reflective practice discussions

Sundip Mistry

IFoA Fellow

The RPD was a very thorough and useful session. I would encourage others to have at least one session with the IFoA.

Quality Assurance Scheme

Recognising commitment to globally recognised standards

The Quality Assurance Scheme (QAS) is our voluntary global accreditation scheme for organisations that employ actuaries. The QAS recognises organisations that have demonstrated their commitment to three outcomes: professionalism, development and training, and organisational culture. There are now 42 organisations that hold the QAS accreditation, 32 of which are based in the UK and 10 located throughout Malaysia, Hong Kong, Thailand, Nigeria, Kenya, India, and UAE.

In 2023, the IFoA awarded its first QAS accreditation in India to K.A. Pandit, the country’s oldest actuarial firm. Through an independent audit K.A. Pandit demonstrated its commitment to a working environment that allows actuaries to maintain globally recognised standards and develop their skills.