Members to vote on proposed merger

The detail of the merger package include:

• a proposal to call a merged body ‘the Institute and Faculty of Actuaries’;
• revised governance documents reflecting the feedback from a consultation with  members;
• a proposal for existing members and members who qualify in the future to continue to use the letters FIA, FFA, AIA and AFA;
• a proposal to continue using ‘the Actuarial Profession’ for all external branding.

Ronnie Bowie, President of the Faculty of Actuaries, said: “The last six months have been spent on an extensive and exhaustive consultation process with members. Joint Councils wanted to be confident that the package we put forward to our members was a package that reflected their ambitions for their professional body. As we enter the voting period, Joint Councils have that confidence.”

Nigel Masters, President of the Institute of Actuaries, said: “There is a definite appetite for change among members and we have responded to this. Our members have shown a keen interest in the future of their professional body and I encourage our members to use their vote.”

Associates and Fellows of the Faculty and the Institute and Honorary Fellows of the Faculty are eligible to vote. The voting process is being managed by Electoral Reform Services.

ENDS

For more information:  tel. Michael Scanlan on  07798 804 871 or email michael.scanlan@actuaries.org.uk

Notes to Editors:

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s 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.
2. 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 Lloyd’s.
3. 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.
4. 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.