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Our role as a regulator

The Institute and Faculty of Actuaries (IFoA) regulates its members to assure public trust and support business and education

The IFoA is incorporated by Royal Charter. Amongst other things, the Charter defines our purpose as the regulation of the actuarial profession in the public interest. Our members must comply with our Charter, Bye-laws, Rules and Regulations as a condition of membership. This is to ensure they meet standards of behaviour, integrity and professional judgement which other members, and the public, might reasonably expect of a member of the IFoA.   

The IFoA's Refreshed Regulatory Policy Statement (published September 2016) describes the IFoA's regulatory role and the principles which inform its regulatory policy.  This refreshed Policy Statement updates the Regulatory Strategy previously published in April 2012

The Refreshed Regulatory Policy Statement sets out the IFoA’s objectives in relation to four core, inter-dependent strands of regulatory activity as follows:

  • Standards and guidance
  • Lifelong learning
  • Monitoring
  • Enforcement and discipline.

IFoA members must comply with ethical standards issued by the IFoA as part of the regulatory framework and, where applicable, technical standards issued by the Financial Reporting Council

The IFoA regulatory framework ensures that our members meet appropriate professional standards by defining requirements for:

  • ethical standards
  • continuing professional development
  • professional skills training
  • Practising Certificates
  • other non-mandatory resource material.

The technical standards defined by the FRC are:

  • Technical Actuarial Standards (TASs)
  • Technical Memoranda (TMs).

We report annually to the Financial Reporting Council (FRC) which oversees our work as a regulator in the UK.

Each year we report to the FRC so that they can assess the effectiveness of our regulatory regime and make recommendations. The FRC reports on this activity to the Secretary of State for Business, Innovation and Skills to ensure that the Government is satisfied with regulation of the actuarial profession. 

Members who do not comply with the standards issued by the IFoA and FRC may be subject to referral under our Disciplinary Scheme

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