Setting the standard
Supporting and maintaining the respected reputation of the actuarial profession
The IFoA is incorporated by Royal Charter, under which we have the role of regulating the actuarial profession in the public interest. Members are regulated to ensure public confidence, and to help them meet their ethical and professional obligations.
UK review of actuarial regulation
Preparing for UK legislation on audit reform and corporate governance
The Government announced its intention to introduce a Draft Audit Reform and Corporate Governance Bill in the King’s Speech in July 2024, which would impact UK actuarial regulation. This follows the independent review undertaken by Sir John Kingman in 2018 looking at the effectiveness of the Financial Reporting Council (FRC), which currently has a role overseeing the IFoA’s regulation and in setting UK technical actuarial standards.
Working with the IFoA Council’s Regulatory Strategy Steering Group, the IFoA has been engaging with government, the FRC and other stakeholders during this process to help shape the future regulatory framework on behalf of members. Over the past year, highlights of the IFoA’s activity include:
- Briefing the new government on the IFoA’s position and key areas of concern for actuaries, including ministers, special advisers and officials in both the Department for Business and Trade and HM Treasury
- Engaging with key parliamentarians in both Houses of Parliament, including the Chair of Business and Trade Committee
- Strengthening our relationship with the FRC, including at board and senior level, ensuring a regular, strategic dialogue on the future regulatory framework for actuaries
- Proactive engagement with members on our legislative work, providing opportunities for feedback and input
- Sustained engagement with other key stakeholders, including employers, regulators, trade bodies and industry partners.
Matt Saker, IFoA Fellow, former IFoA President and former Chair of the Regulatory Strategy Steering Committee
The Steering Committee has been focused on ensuring that the regulatory framework for actuaries is fair and proportionate. We have been engaging widely with key stakeholders as we approach possible publication of the draft bill. All parties affected by this bill agree that this legislation must be based on principles that continue to serve the public interest, so our focus is on making our position clear and working to get the details right.
Professional development and dedicated support
Members are supported with their regulatory requirements through initiatives such as the Professional and Regulatory Support Helpdesk and reflective practice discussions.
The new Professional and Regulatory Support Helpdesk launched in June 2024, refreshing available support with a free and confidential service contactable by phone or online. Practice area specialists supported by the IFoA’s regulatory policy team offer guidance on ethical dilemmas, interpreting and applying the Actuaries’ Code, and Actuarial Profession Standards. The Helpdesk can also offer views on the FRC’s Technical Actuarial Standards – these do not represent the views of the FRC. From launch to the end of the reporting year, we responded to twice as many enquiries as we received in the same period for the previous year.
Reflective practice discussions (RPDs) offer an opportunity to reflect on professional development and recognise how CPD supports learning journeys. Following a successful trial and overwhelmingly positive feedback, group RPDs became a standard offering in September 2024.
James McConnell, IFoA Fellow and Actuarial Associate, Lloyds of London
It was beneficial to see how my peers approach CPD, particularly those from other practice areas as we face common career challenges.
Adam Finn, IFoA Fellow and Graduate Actuarial Associate, APR LLP
The Group RPD gave me ideas for how to move away from a 'box-ticking' approach to CPD and think more about my specific learning needs. It encouraged me to include more types of learning activities on my CPD log that I wouldn't have previously.
For almost two centuries, the IFoA has been protecting and maintaining the high regard in which our profession is held.
Practising certificates (PCs), disciplinary, quality assurance (QAS) and designated professional body (DPB) licensing schemes help support members and licensed firms, and demonstrate that they meet professional standards.
Following the post-implementation review of the IFoA’s Practising Certificates Scheme, changes were made to help members through the application process. These include a new video guide and an interactive guide on completing the online application form – details of both can be found on our website.
John Crooks, IFoA Fellow and UK & International Chief Actuary, RSA Group
The annual renewal process is simple and efficient. This year was the first time I have been through the full renewal process since the changes around three years ago and my feedback is very positive.
It was straightforward and the example forms provided make it clear what needs to be done. I received reminders that gave me ample time to prepare and file the application, and I received the outcome shortly after submission and well ahead of the deadline. Thank you.
The new disciplinary scheme was introduced in August 2023. In September 2024 an interim review found that the assessment process introduced by the new scheme was working well. The assessment process ensures that disciplinary investigations are only instigated when necessary.
This reduces stress for members subject to complaints and frees resources to focus on more serious allegations.
Jeremy Hill, IFoA Fellow and Member of the IFoA Disciplinary Committee
The IFoA Disciplinary Scheme provides an important backstop for the world of actuarial work, and its effective running is a reflection of the professionalism we look to bring to everything we do. As that work evolves, the Scheme must continue to evolve with it, providing confidence in the profession to the wider public.
The QAS is a voluntary accreditation scheme for organisations that demonstrate a commitment to meeting the highest quality standards. It provides organisations with an outcomes-based framework that proactively encourages a culture of continuous improvement.
There are a range of benefits to being QAS accredited, including an independent, external assessment of policies and procedures, the QAS CPD Scheme and the opportunity to learn and share best practice across the QAS network.
At the end of this reporting year, 41 organisations in the UK, Kenya, Malaysia, Hong Kong, Singapore, Thailand, Nigeria, India and the UAE hold QAS accreditation.
Mamata Pandey, IFoA Fellow and Consulting Actuary, Lux Actuaries & Consultants
The ethos and vibes permeating our activities centre around quality output in the thick of deadlines and challenges at the provider-customer interface. As a process-enabler and motivator, IFoA's QAS accreditation has emboldened us in cementing this quality approach in whatever we do.
The IFoA has been working to increase engagement with firms that participate in the designated professional body (DPB) licensing scheme, which allows them to carry out some regulated activities without being subject to full FCA regulation.
Greater focus has been placed on proactive support and compliance guidance, and the first DPB seminar since COVID took place on 22 May 2025.
Work is also underway to refine the annual return process and make amendments to the DPB Handbook.
As a member-led organisation, it is important that we understand members’ views. In 2023 members were consulted about proposals to introduce DEI obligations into the Actuaries’ Code.
A second consultation on draft guidance to support proposed DEI changes to the Code took place in August 2024.
It was clear from feedback that there was strong support among members for the principles of belonging, fairness, respect, and to the building of a profession that is more representative of the society we live in.
Where opinions diverged was on how to achieve this common goal and the extent to which this should be mandated through the Code. Having considered the detailed comments received, the Regulatory Board has reached a decision, and the outcome of the consultation is available on the IFoA website.
The IFoA Regulatory Board’s Thematic Review Programme leads regular reviews, based on collaboration between the IFoA, members and their employer organisations, on topics with the potential to provide useful insights for members. To date, more than 60 organisations have taken part.
Review participants complete questionnaires, case studies and work examples, and take part in interviews and more to provide feedback and share useful learning and good practice. Reviews also help inform the work of the Regulatory Board.
In this past reporting year, the thematic review team has published reports on cyber risk and pensions on divorce. You can find details on upcoming reviews along with information on how to take part on the IFoA website.
Duncan Watson, IFoA Fellow and CEO Retirement Solutions Equiniti Group
Taking part in a thematic review gave me the opportunity to highlight a topic important to my organisation, and to help promote the range of skills actuaries develop across different domains. The reviews also bring to life the importance of our Code and standards in setting the foundations for actuaries working in the public interest.
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