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Joint statement from the Presidents. Revised merger package

On 27 January 2010, Joint Councils agreed in principle to put a revised merger package to members. This decision was made because Joint Councils believe that a significant majority of members support the principle of a merged body and that a merger would create an organisation that is significantly better placed to serve members' needs.

Further details of the merger package, including the date for a vote, will be confirmed to members by the end of February 2010.

The revised merger package has been developed having listened to what you told us about the last proposal. It aims to make only those changes that will give legal certainty and sustainability to our current ways of working.

The key elements of the package are:

  • a proposal to call a merged body the 'Institute and Faculty of Actuaries'
  • revised governance documents reflecting the input from the member consultation
  • a proposal for both existing and new members to use the existing letters FIA, FFA, AIA and AFA
  • a proposal to continue using the Actuarial Profession for all external branding.

Some of you were critical of the July 2009 package, and we accept that criticism. We have spent the last few months consulting with you to assess what aspects of the earlier merger package you felt would best benefit the profession, and what elements of that package could benefit from change. We have taken this time to listen to your views. We hope the revised merger package will meet concerns you may have raised, and that it better meets your own needs for the profession in the future.

As part of the revised merger package we will also be inviting members to form groups, of 10 or more, to facilitate the presentation of their views on the proposal to members. We will give you more information about this process by the end of February 2010.

We will contact you again to confirm the timeframe and to invite you to share your views, as an individual or as a group, with the membership.

We look forward to a balanced, fair and productive exchange of views and discussion on the revised merger package.

Ronnie BowiePresident, Faculty of Actuaries

Nigel MastersPresident, Institute of Actuaries