14 May 2010
The Councils look forward to the vote on 25 May 2010 with conviction that a merger will provide the basis for a more modern organisation to represent actuaries worldwide, and to promote UK actuarial practice globally.
The two bodies collectively represent 21,000 members worldwide.
Voting members of the Faculty and Institute are encouraged to participate in the vote. Members may find background information about the proposed merger on our merger microsite, http://www.actuarialmerger.com.
The Councils believe that a merger will result in a stronger professional body that will:
- Provide legal certainty to existing joint-working arrangements.
- Reduce bureaucracy.
- Provide increased democratic accountability to members.
- Have more influence on government and the business community.
- Reduce confusion of having two separate organisations.
If a yes vote is carried in both bodies, the new organisation will be known as The Institute and Faculty of Actuaries.
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Enquiries: Tel. Liz Bury on 020 7632 2181 / 07734 935137 or email elizabeth.bury@actuaries.org.uk
Notes to Editors
- Actuaries provide commercial, financial and prudential advice on the management of a businesss assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
- Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyds.
- The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
- The Profession is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.