Institute and Faculty of Actuaries

Category: Actuarial fundamentals · Reviewed by Tim Roche, Director · PI & Commercial · Last reviewed

Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is the UK’s only chartered professional body dedicated to the educating, developing and regulating of actuaries. It was formed in 2010 by the merger of the Institute of Actuaries (founded 1848, based in London) and the Faculty of Actuaries in Scotland (founded 1856, based in Edinburgh).

Functions

• Education — examinations, work-based learning, professionalism course, CPD.
• Practising certificates — for specified senior roles (e.g. Chief Actuary roles).
• Standards and regulation — the Actuarial Profession Standards (APS) supplemented by the Financial Reporting Council’s Technical Actuarial Standards (TAS).
• Research and policy — through working parties and special interest groups.
• Public interest — submissions to government, regulators and parliamentary committees.

Governance

The IFoA is governed by a Council and President. Disciplinary cases are heard by an independent Disciplinary Board operating under the IFoA Disciplinary Scheme. Oversight is provided by the Financial Reporting Council (FRC), which sets the technical actuarial standards under the Statutory Auditors and Third Country Auditors Regulations 2007.

Key publications

• Actuarial Profession Standards (APS A, B, X series).
• Technical Actuarial Standards (TAS 100, 200, 300, 400).
• British Actuarial Journal and Annals of Actuarial Science.
• IFoA practical guides for general insurance, life, pensions, ERM.

References

• IFoA. Royal Charter, Bye-laws and Rules.
• Financial Reporting Council. Technical Actuarial Standards.
• IFoA. History of the Profession.

Cross-references

• Actuary
• IFoA
• Fellow of the Institute of Actuaries

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