Statutory roles and the criteria for Practising Certificates

Changes to the Practising Certificates Scheme effective 1 September 2013 The second review of the PC Scheme has been carried out.  In the ordinary course, reviews will be timed such that any changes arising will apply from 1 September.  A summary of the changes is set out in the attached communication from Ben Kemp, General Counsel. A brief history of the PC Scheme and practical advice for completion of your application can be found here.

Practising Certificates are granted by the Institute and Faculty of Actuaries in the following categories: Scheme Actuary; Life (including with-profits); Life (not including with-profits); and Lloyd's Syndicates.

Please note that initial applications will need to be accompanied by the information required to undertake financial and basic criminal record checks, which you can find here, together with the consent form which you can find here.

A quick introduction to the PC Scheme and practical advice on making applications can be found in the Quick Reference Guide.

Please direct any queries regarding Practising Certificates to practising.certs@actuaries.org.uk.

The  eligibility and technical experience criteria to obtain a Practising Certificate, new (initial) and renewal certificates, together with details of the administration and governance of the PC Scheme are set out in:

• Practising Certificates Scheme (applications effective from 1 September 2013)
• Frequently Asked Questions

Guidance

To aid members in making their applications, the profession has produced guidance on the application of the eligibility and technical experience criteria.  The guidance will be reviewed and updated from time to time to ensure it remains appropriate and helpful to members.

• Guidance on the generic eligibility criteria
• The technical experience criteria and guidance on their application

For each Practice Area, an example of the technical experience that applicants are asked to record in their application is included in the technical experience criteria link.

Changes to the Practising Certificates Scheme

Changes will be made to the PC Scheme from time to time to ensure it remains up-to-date and fit for purpose.   The cost of a Practising Certificate is reviewed each year with any increase being effective from 1 September.

Any changes to the PC Scheme will be notified to members through Practice Area newsletters, or by email or letter as appropriate.  Additionally, a brief summary of all such changes made will be recorded here.

Declarations and application forms

Applicants are required to make their applications for practising certificates using the forms listed below.  The forms are self contained i.e. all forms, declarations, attestations and payment details required for the application are contained in the form.  N.B. No handwritten forms will be accepted, all applications must be typed.

Cost

The current cost of any Practising Certificate is £860.00.

If your application is received after the 21-day deadline, a penalty fee of 25% of the cost of certificate will be applied.

Scheme actuaries: if your application is received after the expiry date of your current certificate you will be required to resign any appointments held until such a time that a certificate can be granted.

The normal turnaround time for a renewal certificate application is 21 days provided the application is full and complete.  Initial applications can take up to 30 days, however this timeline is not wholly in the profession’s control and no commitments can be made as to the actual date a PC will be granted (assuming a PC is granted). 

Life actuaries

Roles for which a certificate is required: Actuarial Function Holder; With profits Actuary; and Reviewing Actuary.

New (initial) applications

• Application for a certificate to act as a life actuary (including with-profits)
• Application for a certificate to act as a life actuary (not including with-profits) 
• Experience example page

Please note that initial applications will need to be accompanied by the information required to undertake financial and basic criminal record checks, which you can find here, together with the consent form which you can find here.

Renewals

• Application for the renewal of a certificate to act as a life actuary (including with profits)
• Application for the renewal of a certificate to act as a life actuary (not including with-profits)  
• Experience example page

Actuaries providing opinions for Lloyd's syndicates

Roles for which a certificate is required: Lloyd's Actuary and Syndicate Actuary.

New (initial) applications

• Application for a certificate to provide UK actuarial opinions for Lloyd's syndicates
• Experience example page

Please note that initial applications will need to be accompanied by the information required to undertake financial and basic criminal record checks, which you can find here, together with the consent form which you can find here.

Renewals

• Application for the renewal of a certificate to provide UK actuarial opinions for Lloyd's syndicates
• Experience example page 

Scheme actuaries

Roles for which a certificate is required: Scheme Actuary.

New (initial) applications

• Application for a certificate to act as a scheme actuary to pension schemes
• Experience example page

Please note that initial applications will need to be accompanied by the information required to undertake financial and basic criminal record checks, which you can find here, together with the consent form which you can find here.

Renewals

• Application for the renewal of a certificate to act as a scheme actuary to pension schemes
• Experience example page

 Appeals

You may appeal against a decision of the Practising Certificates Committee to refuse a practising certificate application in certain circumstances. The appeals process is set out in full in this document.