In accordance with the governance provisions of the Practising Certificates Scheme (see Annex A4 of the PC Scheme document), a review has been carried out of the operation of the PC Scheme based on feedback received from applicants and Practice Executive Committees. 

The new PC Scheme came into effect on 25 January 2012 and by the mid-year, over 500 applications had been processed under it.  The feedback received has been helpful in identifying a number of areas where further information could be provided to assist members in making their applications.  

The following changes apply accordingly and are effective for applications from 1 September 2012:

•    1.7 : Deletion of transition arrangements document - the transition arrangements for existing mentored pension certificates have been moved to a new FAQ (D8)

•    4.2 : Applications to be typed : this is for reasons of improved legibility/processing and because many handwritten forms submitted have contained less detail on technical experience than typed forms. 

For reasons of practicality, handwritten applications will continue to be accepted for applications received before 1 September 2012 by the Membership Team.  Handwritten applications received on or after 1 September 2012 will be returned to the member.
 

Application Forms

Minor changes have been made to the application forms.  These changes are effective for all initial applications and renewal applications with renewal dates on or after 1 September 2012 (although the old forms will continue to be accepted for reasons of practicality through August, but not thereafter).  The links to the application forms on the website are now to the revised forms.

 

•    p3, Scheme Actuary Certificates : clarify “Scheme Actuary appointments” not “Scheme appointments”

 

•    p4 : attestation 7 has been reworded for clarity to now read “I certify that I will manage my workload in order to have the time and resources required to carry out any reserved activities I am commissioned to do in the next 12 months”

 

•    p4 : add a place on the application form for members wanting to self-select a CPD measurement period (ref clause 3.4 of the PC Scheme)
 

FAQs

 
14 new FAQs have been added covering the following themes.  The link on the website is now to the new FAQs.

 

•    Career breaks :                                                                   A8, A9, A10

•    Demonstrating delivery of advice :                                         A11

•    Concurrent CPD audit :                                                        B6

•    Application checks :                                                            B9, B13

•    Application process :                                                           C1, D6, D7, D8, D10

•    Including alternative experience in the application :                 D4, D5, D9
 

 

No changes have been made at this time to

•    Guidance on Generic Criteria, and

•    Technical Experience and Guidance thereon

 

although these are subject to review in due course in connection with the development of the Profession’s Education Strategy and Solvency II developments.

 

The Quick Reference Guide is also unchanged.  However, it is intended that this document will be withdrawn after the end of the current annual cycle of applications, ie after 24 January 2013.

 

Finally, to assist members further in understanding the operation of the Practising Certificates Scheme, an article will shortly appear in The Actuary setting out some key themes that have emerged from feedback received, and steps that members can take to ensure an efficient application process.

 

Sir Philip Mawer

Chairman of PREC

31 July 2012