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Chair of the Disciplinary Committee and Regulatory Board Lay Member

Chair of the Disciplinary Committee and Regulatory Board Lay Member

The Regulatory Appointments Committee (RAC) seeks expressions of interest for the Chair of the Disciplinary Committee (‘the Committee’), which has operational oversight of the IFoA’s disciplinary enforcement function. This is a Committee of the IFoA’s Regulatory Board (‘the Board’) which has independent oversight of the delivery of the regulatory framework. The successful appointee will also sit as a Lay Member of the Regulatory Board. 

We are seeking to appoint a proactive and innovative candidate with an interest in regulation to sit as both Chair of the Committee and Lay member on the Board. Demonstrable experience of professional regulation and disciplinary proceedings at a senior level is sought.

The IFoA is an international body with a worldwide membership of around 33,233 members of which 16,906 are student members. 48% of its members overall and 67% of its student members are based outside the UK and increasingly actuarial practice is international.

We oversee their education at all stages of qualification and development throughout their careers.  By joining the IFoA, members are making a personal commitment to high standards of education, competence and integrity.

The public – clients, users, employers and all those affected by actuarial decisions – must be confident that Members of the IFoA will observe professional ethical codes and regulatory standards.

The Disciplinary Committee oversees and manages the IFoA's disciplinary function. Responsibilities include: setting guidance on policies and procedures; setting timeframes for processes; organising training for disciplinary pool members; and producing an Annual Report to Regulatory Board. Further detail can be found in the Disciplinary Committee’s Terms of Reference.

The Regulatory Board is responsible for the delivery of the independent regulatory function of the IFoA. The Board’s focus is on the importance of delivering and implementing a Regulatory strategy and policy that is proportionate and effective in meeting the public interest. The Board plays a central role in overseeing the IFoA’s relationship with the Financial Reporting Council (FRC), which is our oversight body for the work of actuaries within the UK geographic scope. Further detail can be found in the Regulatory Board's Terms of Reference.

 

Task” Specification

As Chair of the Disciplinary Committee, the successful candidate will lead the Committee in overseeing the Executive’s delivery of the disciplinary elements of the IFoA’s regulatory strategy, and be involved in bringing a strategic understanding to the Disciplinary Scheme and its implementation and applying that to the Regulatory Board strategy. Duties will include (but are not limited to):

  • Effective leading of the Disciplinary Committee, including chairing Committee meetings.
  • Determining in consultation with Executive staff the priorities and strategic objectives of the Committee.
  • Leading the Committee in holding the Executive accountable for the effective operation of the disciplinary processes.
  • Working in collaboration with the Executive, Committee and Regulatory Board to fulfil respective areas of responsibility under the IFoA Regulatory Strategy.
  • Leading the Committee in delivering annual objectives outlined in the Disciplinary Committee’s Annual Report.
  • Acting in compliance with the IFoA’s Governance Manual and delegated authorities.

The Regulatory Board has a significant and stimulating work plan to maintain and further develop our regulatory policy in both a UK and international context.  The challenges and demands on the Board are complex, interdependent and fast moving. The IFoA believes that Lay membership of the Board is vital to maintaining public trust and promotes good governance as well as bringing the specific benefits of:

  • giving a view on issues, including the consumer perspective, from outside the profession;
  • scrutinising and challenging conventional actuarial thought;
  • providing different professional perspectives on current and often complex issues in modern society;
  • understanding and adherence to the Good Regulation principles, which include openness and accountability; and
  • providing a visible demonstration of independent involvement in decision making.

As Lay Member of the Board the successful candidate will also be involved in discussion and decision making including (but not limited to):

  • Overseeing the delivery of the regulatory functions of the IFoA
  • Developing and issuing codes and standards on professional conduct and competence
  • Monitoring the work of the Professional Skills, Pension standards, Practising Certificates, Disciplinary and Quality Assurance Sub-Committees and the Designated Professional Body Board
  • Overseeing the effectiveness of the IFoA’s regulatory enforcement arrangements at a policy level
  • Maintaining working relationship with the FRC, FCA, PRA, TPR, PPF and Lloyds together with other regulatory bodies and stakeholders

Key Responsibilities

The successful candidate is expected to:

  • Chair Disciplinary Committee meetings and attend Regulatory Board meetings;
  • Be suitably prepared for Committee and Board meetings, having read all papers prior to attendance;
  • Offer constructive comment and input at meetings and on papers circulated between meetings from a lay perspective;
  • Bring an external perspective and challenge in the public interest to encourage a robust and transparent actuarial profession;
  • Work with the Executive team on specific pieces of work for the Board and/or Committee as required;
  • Oversee the ongoing review and implementation of the Disciplinary and Capacity for Membership Schemes in line with principles of good regulation and appropriateness for the international membership of the IFoA;
  • Oversee the maintenance of an appropriately skilled and supported Disciplinary Pool to fulfil the work of the Disciplinary and the Capacity for Membership Schemes;
  • Liaise with the Lay Convener of Disciplinary Tribunal Panels, the Lay Convener of Adjudication Panels and the Chair of the Pool of Investigation Actuaries in order to keep the practical operation of the Scheme under review;
  • Liaise with the CAA Global Board in the use of the IFoA’s Disciplinary Pool and providing them with guidance in respect of their disciplinary function; and
  • Report publicly to the Board (and at a senior stakeholder level) as the interface in relation to the strategic effectiveness of the Disciplinary and Capacity for Membership Schemes.

Tenure

This is a three year office holder appointment, renewable for a further three years on a discretionary basis. All appointments and renewals are made by the RAC.

Time Commitment

The Committee meets four times a year and the Board meets five times a year. There will be ad-hoc interim business throughout the year, in addition to formal meetings.

Meetings will be conducted virtually, with one possible in-person Strategy Day per year.

It is estimated that the time commitment will be approximately one to two days per “meeting month”, with additional work from time to time. The total expected time commitment is approximately 20 days per annum. 

Remuneration

This office holder role attracts an honorarium of £600 per day plus travel expenses if required (recoverable from the IFoA in line with the IFoA’s volunteer and travel expenses policy).

 

Person” Specification

The IFoA encourages applicants from a variety of backgrounds and experience and welcomes diversity with regard not only to protected characteristics but also diversity of thought on its boards.

Candidates should have:

  • a good understanding and appreciation of the concept of the public interest;
  • an ability to think strategically and to exercise good, independent judgement;
  • an appreciation of the importance of good governance;
  • the ability to critically challenge decisions while retaining a willingness to listen to and acknowledge other viewpoints; and
  • good communication skills and a willingness to participate actively in discussions about regulatory strategy and policy.
  • Significant experience of professional regulation, preferably including misconduct, health and capacity issues;
  • Proven track record in strategic oversight;
  • Strong leadership and chairing skills;
  • A sound understanding of accessibility and diversity issues;
  • Excellent verbal and written communication skills;
  • A sound understanding of corporate governance from participation at a senior level;
  • IT literate with strong computer skills;

Ideally, candidates will also have:

  • an understanding and insight into the perspective of the users of actuarial work.
  • International regulatory experience; and
  • Experience of the financial services market.

and an understanding of:

  • ethical issues affecting professions;
  • the role of actuaries;
  • the role of risk management;
  • the challenges facing professions in a global environment;
  • regulatory structures.

Candidates should not have a comparable senior role with a relevant regulatory body and/or stakeholder

How to Apply

To express an interest in this paid role and apply, please email hrsupport@actuaries.org.uk before the closing date of 31 January 2022, providing the following information:

  • Your CV and full contact details
  • A cover letter (maximum 500 words) with a synopsis of your relevant background and experience, a note of your reasons for wishing to take on this role, and an overview of what you feel you could bring to this role.

All expressions of interest will be considered and a short list of candidates will be invited to interview.

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