Partial Regulation

This has been developed following consultation with a group of key overseas members and there are a number of changes which will affect you as a partially regulated member. 

The introduction of a requirement that partially regulated members must complete the partial regulation certificate on a yearly basis, rather than as a one-off;

• clarification of the fact that during the subscription year, partially regulated members are unable to undertake any roles for which there is a statutory or regulatory requirement from any country to be a member of the Institute and Faculty of Actuaries;

• the inclusion of a requirement that when a partially regulated member is signing reports on reserved work in their primary regulator’s jurisdiction where they are referring to their qualification from the Institute and Faculty of Actuaries as well as their primary regulator, the member makes clear in the report (or to the recipient) which regulator is their primary regulator;
• the requirement to provide confirmation of membership of that association; and
• a requirement that partially regulated members must now undertake the Institute and Faculty of Actuaries Professional Skills Courses as and when required.  Information on the requirements can be found here.

The Institute and Faculty of Actuaries are aware that for a few of our members, these changes may mean that you will no longer be eligible to be partially regulated.  As such, the Institute and Faculty of Actuaries has agreed to allow you until 31 December 2013 for the subscriptions which become due on 1 October 2013 to either ensure that you comply with these new arrangements or you will revert to a fully regulated member (with the need to pay full fees).

When a student or associate transfers to associate or fellow they will have an option to make an application for partial regulation. One of the requirements in addition to other criteria is that you must be an Associate/Fellow of your main regulator at the time of application.   In order to avail of this facility to be partially regulated there is a one month window from date of transfer in which  to submit a Certificate of Eligibility for partial regulation and pay the applicable balance of subscription.

Partially regulated members will no longer be able to use the UK recording system for their CPD activity so we have developed a spreadsheet which can be downloaded and used for this purpose.

If you have any queries about partial regulation, please read our FAQs on this issue.