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Practising Certificates

Practising Certificates are granted by the Institute and Faculty of Actuaries (IFoA) in the following categories:
  • Scheme Actuary
  • With-Profits Actuary
  • Chief Actuary (Life, Non-Directive)
  • Chief Actuary (Life)
  • Chief Actuary (non-Life without Lloyd's)
  • Chief Actuary (non-Life with Lloyd's)
  • Lloyd's Syndicates.

Regardless of whether you are applying for a Practising Certificate (PC) for the first time, or renewing an existing Certificate, you must read and understand the relevant documentation before making your application

Changes to the Practising Certificates Scheme effective 1 September 2017

The annual review of the Practising Certificates Scheme has been carried out and changes to the Scheme came into effect on 1 September 2017.  A summary of the changes is set out in the communication from Des Hudson, Chairman of Regulation Board.

Visit the Changes and amendments page for a brief summary of all changes to the Practising Certificates Scheme.

Timings and costs

Initial applications can take up to 30 days to process; however this timeline is not wholly in the IFoA’s control and no commitments can be made as to the actual date a Practising Certificate will be granted (assuming a PC is granted).

Renewal applications must be submitted at least 21 days before your current certificate expires. If an application is received after the 21 day deadline a penalty fee of 25% of the cost of the certificate will be applied.

The current cost of a Practising Certificate is £890. 

Practising Certificates for Chief Actuaries

Roles for which a certificate is required:

  • The Chief Actuary with accountability for the actuarial function under Article 48 of the Directive on Solvency II

New (initial) applications

All initial applicants are subject to a basic criminal records check.  There are three options for completing this process:

  • If you have already met the PRA or FCA’s approved person tests, please provide a copy of the confirmation you have received from the PRA/FCA with your application.
     
  • We can initiate the process for you to complete your own basic criminal record check online, ensuring you have control over the process. When submitting your application, please indicate that you would like us to use the preferred contact details from our records to initiate the process.
     
  • Provide the following with your application:

Renewals

Practising Certificates for Life actuaries

Roles for which a certificate is required:

  • Small Insurer Chief Actuary
  • With Profits Actuary
  • Reviewing Actuary
  • Appropriate Actuary

New (initial) applications

All initial applicants are subject to a basic criminal records check.  There are three options for completing this process:

  • If you have already met the PRA or FCA’s approved person tests, please provide a copy of the confirmation you have received from the PRA/FCA with your application.
     
  • We can initiate the process for you to complete your own basic criminal records check online, ensuring you have control over the process. When submitting your application, please indicate that you would like us to use the preferred contact details from our records to initiate the process.
     
  • Provide the following with your application:

Renewals

Practising Certificates for actuaries providing opinions for Lloyd's syndicates

Roles for which a certificate is required:

  • Lloyd's Actuary
  • Syndicate Actuary.

New (initial) applications

All initial applicants are subject to a basic criminal records check.  There are three options for completing this process:

  • If you have already met the PRA or FCA’s approved person tests, please provide a copy of the confirmation you have received from the PRA/FCA with your application.
     
  • We can initiate the process for you to complete your own basic criminal records check online, ensuring you have control over the process. When submitting your application, please indicate that you would like us to use the preferred contact details from our records to initiate the process.
     
  • Provide the following with your application:

Renewals

Practising Certificates for Scheme Actuaries

Role for which a certificate is required:

  • Scheme Actuary

New (initial) applications

All initial applicants are subject to a financial and basic criminal reference check.  There are three options for completing this process:

  • If you have already met the PRA or FCA’s approved person tests, please provide a copy of the confirmation you have received from the PRA/FCA with your application.
     
  • We can initiate the process for you to complete your own financial and basic criminal reference check online, ensuring you have control over the process. When submitting your application, please indicate that you would like us to use the preferred contact details from our records to initiate the process.
     
  • Provide the following with your application:

Renewals

Appeals

You may appeal against a decision of the Practising Certificates Committee to refuse a practising certificate application in certain circumstances. The appeals process is set out in full in this document.

Related documents

Contact Details

If you have any enquiries about Practising Certificates please email or write to the Membership Team

practising.certs@actuaries.org.uk

Institute and Faculty of Actuaries, Level 2 - Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA