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).
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).
Our service promise. We acknowledge every quote request the same working day. For straightforward risks, indicative terms typically follow within five working days. Complex risks — higher-risk buildings, cladding, mid-term proposals requiring fresh underwriting — may take longer; we’ll send you a progress note by the end of the fifth working day in those cases.