On this page you can find information on proposed and recent changes to the IFoA’s Regulations.
On 15 December 2023, Council approved a revised package of reform measures which balance the need for change and the benefit of more independent involvement, with the desire of members to ensure that the IFoA continues to be led by actuaries. This was shared on the same day on our website and sent via email to all IFoA members.
We will be hosting a webinar at 10:00 am (GMT) on 11 January 2024, which will explain the reforms that have been approved in more detail and allow members to ask questions and provide feedback. Register for the webinar.
The governance reforms are:
(i) that the Chair of the Management Body (to be known as the IFoA Board) is an independent non-executive director (iNED);
and that the composition of the IFoA Board be changed to:
iNED being someone who is not a member and who does not have a material or pecuniary relationship with the IFoA or related persons
mNED being someone who is a Fellow or Associate of the IFoA but (other than the President) is not a member of the Council
an interim or acting Chair can be selected by the IFoA Board from one of its non-executive directors (iNEDs and mNEDs)
(ii) that an appropriately constituted Committee of the IFoA Board will in future be responsible for recommending candidates for non-executive vacancies to the IFoA Board (other than the President, who will be an ex-officio member of the Board, as of right). Appointments will be made following an appropriately objective skills- and competency-based selection process, and each appointment will be subject to consultation with and ratification by Council on appointment and every 3 years thereafter;
(iii) that Council shall reserve the right, in exceptional circumstances, to remove either the IFoA Board Chair or the Board in its entirety (other than President or Chief Executive);
(iv) that the Term served by any elected President be changed to two years (from AGM 2025); and
(v) the removal of the role of the Immediate Past President upon the appointment of the first President with a two-year term (expected June 2025).
Changes to our Regulations are required to implement these resolutions and these are set out below:
Regulation | Current | Amendment | Date on which amendment to come into effect (or such other date as Council shall specify) |
---|---|---|---|
10 |
The management body provided for under Bye-law 17 shall be known as the Management Board. Members of the Management Board as a result of their office or employment shall be:
In addition, the Council may appoint:
|
IFoA Board The management body provided for under Bye-law 17 shall be known as the IFoA Board. Members of the IFoA Board as a result of their office or employment with IFoA shall be:
The President’s appointment to the IFoA Board shall be as a member non-executive director (mNED). In addition, the IFoA Board may appoint the following Non-executive directors, provided that they have been ratified by the Council as per Regulations 11 and 12:
|
1 April 2024 |
11 | The Council may fill any casual vacancy among the appointed members of the Management Board which may occur during a year, but need not do so. |
The IFoA may fill any vacancy among the appointed members of the IFoA Board which may occur during a year, but need not do so. Non-executive director appointments to the IFoA Board (mNEDS and iNEDs) will be subject to consultation with and ratification by Council on appointment and every 3 years thereafter, with the exception of the President, who shall be appointed by Council. Council reserves the right, in exceptional circumstances, to remove the Chair of the Board and/or the entire membership of the IFoA Board (other than the President or Chief Executive). To do so requires a majority of not less than three-fourths of the whole number of members of Council to vote in favour. |
1 April 2024 |
12 | The Chair of the Management Board shall be the independent member appointed under Regulation 10, if any, who is a Fellow or Associate and otherwise shall be one of the Fellows or Associates on the Management Board (other than the President). |
The Chair of the IFoA Board shall be an iNED appointed under Regulation 10.
|
1 April 2024 |
13 | The Management Board shall maintain a governance manual describing key operating procedures including the scheme of delegations and membership arrangements and the terms of reference for the key boards and committees of the Institute and Faculty of Actuaries. The governance manual shall be published on the website for access by the membership. | The IFoA Board shall maintain a governance manual describing key operating procedures including the scheme of delegations and membership arrangements and the terms of reference for the key boards and committees of the Institute and Faculty of Actuaries. The governance manual shall be published on the website for access by the membership. | 1 April 2024 |
Resolutions (iv) and (v) require the following changes to Regulations 2, 3, 4, 5 and 6:
Regulation | Current | Amendment | Date on which amendment to come into effect (or such other date as Council shall specify) |
---|---|---|---|
2 |
|
With effect from the AGM in 2025, there shall be the following honorary officers:
|
Date of AGM in 2025 |
3 |
|
Meetings of the Council shall be chaired by the President. The President may nominate the President-elect or such other Council member as they deem appropriate to act as Chair.
|
Date of AGM in 2025 |
4 |
Each year at least 60 days before the AGM the Council shall elect a Fellow or Associate to be President-elect with effect from the AGM. The President-elect, if not then a member of the Council, shall be co-opted on to the Council from the date of the AGM as one of the co-options under Regulation 9 (a) and shall continue to be so co-opted while President and Immediate Past President. A President-elect who is already a member of the Council shall remain a member of the Council for the relevant constituency whilst serving as President-elect, President and Immediate Past President.
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Biennially, and at least 60 days before the forthcoming AGM, the Council shall elect a Fellow or Associate to be the incoming President-elect with effect from the forthcoming AGM, for a term of one year, until the subsequent AGM. The President-elect, if not then a member of the Council, shall be co-opted on to the Council from the date of the AGM as one of the co-options under Regulation 9(a) and shall as applicable continue to be so co-opted while President. A President-elect who is already a member of the Council shall remain a member of the Council for the relevant constituency whilst serving as President-elect, and as applicable President.
|
1 April 2024 |
5 | Each year at least 60 days before the AGM the Council shall appoint a Fellow or Associate to be President with effect from the AGM. |
Biennially, and at least 60 days before the AGM coinciding with the end of the term of the President-elect appointed under Regulation 4, the Council shall appoint a Fellow or Associate to be President with effect from the AGM. The term of office of the President shall be for two years. The President shall be a Fellow or Associate of the IFoA. In the event that the President becomes incapacitated, or is absent or unable to perform their functions, the President-elect, if any, shall assume the role of acting President until such time as the President is able to resume their functions, or Council appoints a new President. Should the President and President-elect both be incapacitated, absent, or unable to perform their functions or if both positions become vacant, Council shall appoint a Fellow or Associate to act as President. |
1 January 2025 |
6 | On retirement, the President shall be invited to become the Immediate Past President for the ensuing period as provided under Regulation 2. |
At the AGM in 2024, the President shall be invited, on retirement, to become the Immediate Past President until the AGM in 2025. Thereafter the role of Immediate Past President shall cease. |
Date of AGM in 2024 |
These amendments to the Regulations were agreed in line with Bye-law 28, which confirms that Council shall, subject to certain provisions as detailed in that Bye-law, “have power to make, amend or delete Regulations governing such matters as it sees fit”.
These amendments were also agreed in line with Bye-law 29, which requires that Council shall only have power to amend a Regulation if “a majority of not less than three-fourths of the whole number of the members of the Council vote in favour” of that amendment.
Rule 19A requires that changes to the Regulations must “appear on the website of the Institute and Faculty of Actuaries for no less than 28 days before taking effect.”
Rule 19A continues that “if more than 50 members raise formal objections to the amended Regulations during that 28 day period, the Council will re-consider the amendments, taking into account the views expressed by the members.”
With this message being published on Tuesday 2 January 2024, we hereby invite members to contact James Harrigan, Corporate Secretary at the IFoA (james.harrigan@actuaries.org.uk), to raise any formal objections to the proposed amendment to Regulations 2, 3, 4, 5, 6, 10, 11, 12 and 13.
The deadline for submitting a formal objection is Tuesday 30 January 2024.
A list of recent amendments to the Regulations can be seen below.
Questions or concerns about this, the Regulations, or any other aspect of the IFoA’s constitution, can be addressed to James Harrigan, the IFoA's Corporate Secretary.
Listed below are all changes to the Regulations made since July 2019.
It is hereby confirmed that each amendment was:
Date of notice: 7 February 2023
Date of implementation: 8 March 2023
Please note deletions are in struck-through text and additions in italics.
‘Privacy and Data Protection’
21. The Institute and Faculty of Actuaries shall respect the privacy of its members and shall not share personal information with non members except for the exchange of information relevant to regulatory matters with other professional bodies or regulators. Personal information of members shall only be processed in accordance with applicable legal and regulatory requirements and in line with the IFoA’s privacy notice.’
Date of notice: 22 June 2021
Date of implementation: 21 July 2021
Please note deletions are in struck-through text and additions in italics.
10. The management body provided for under Bye-law 17 shall be known as the Management Board. Members of the Management Board as a result of their office or employment shall be:
In addition, the Council may appoint:
Date of notice: 13 November 2020
Date of implementation: 11 December 2020
From:
“Affiliates should be educated to degree (or equivalent) level and have relevant experience to meet one or more of the following criteria:
To:
“Affiliate members are subject to such published terms and conditions as are required by the IFoA and may be removed by a published process and final decision of the President of the IFoA”.
Date of notice: 23 June 2020
Date of implementation: 21 July 2020
From:
“Subscriptions are due on 1 October of the subscription year. Subscriptions which are outstanding as at 1 November shall attract a 10% surcharge which rises to 20% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any subscription year shall result in cancellation of membership. The Council may suspend these requirements in circumstances which it deems appropriate.”
To:
“Subscriptions are due on 1 October of the subscription year. Subscriptions which are outstanding as at 1 November shall attract a 1% surcharge which rises to 2% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any subscription year shall result in cancellation of membership. The Council may suspend these requirements in circumstances which it deems appropriate.”
Date of notice: 23 June 2020
Date of implementation: 21 July 2020
From:
"Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the Membership Team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team for a reduced subscription.”
To:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the Membership Team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired in accordance with the applicable IFoA published Subscription Policy may apply to the membership team for a reduced subscription.”
Date of notice: 10 January 2020
Date of implementation: 10 February 2020
From:
“Students shall normally be admitted if they have achieved the following educational standards:
For those Students who have a degree they must:
For those Students who do not have a degree they must:
Overseas Students shall be required to meet equivalent standards to those above through comparable qualifications.
Applicants who do not have the capacity to gain a good honours degree or do not have adequate proficiency in English are likely to experience particular difficulty with the examinations.”
To:
“There are no educational entry requirements for Students. Students shall normally be admitted upon acceptance of an application for admission and subject to such published terms and conditions as required by the IFoA from time to time.”
Date of notice: 19 June 2019
Date of implementation: 17 July 2019
From:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than 30 times the level of the required subscription that would apply to the member concerned may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription.”
To:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription.”