Press release

25 February 2008

On 12 February 2008 the Councils of the Faculty and the Institute of Actuaries agreed to recommend a merger of the two bodies to their members.

All members of the Actuarial Profession have been asked to vote on the proposals by mid-June. If the proposals are accepted funds will be committed to implement the merger and a second vote will be needed to accept formally the new Royal Charter.

The move is designed to create a clear identity for the Actuarial Profession in the UK and to streamline the Profession’s governance, which currently runs parallel systems in England and Scotland.

Since 1995 many of the operations of the Faculty of Actuaries and the Institute of Actuaries have been run as though they were one body. For example, strategic decisions are taken by the joint Councils of the two bodies and actuaries throughout the UK study for the same exams and are subject to the same disciplinary arrangements. The proposed merger is seen as the next logical step in the development of the profession.

In a joint statement Nick Dumbreck, President of the Institute, and Stewart Ritchie, President of the Faculty, recommended the merger to their members. They said: “As a relatively small profession it is important we are able to speak with a unified voice to the people we seek to influence. Over the years we have developed a way of working together under the banner of the Actuarial Profession. We now need to take the next logical step and streamline our governance arrangements into one body elected by the membership and have a single brand identity that captures the needs and aspirations of our members – today and in the future.”

More information about the merger proposal.

Enquiries: Andrew Black
Tel: 020 7632 1453

Notes to editors:

1. Actuaries provide commercial, financial and prudential advice on the management of a business's assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

2. Members of the profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd's.

3. The profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuous professional development and a professional code of conduct supports high standards reflecting the significant role of the profession in society.