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Practising Certificates

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

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 Practising Certificates Scheme (PC Scheme) before making your application.

Report of the Practising Certificates Committee

The Chair of the Practising Certificates Committee (PCC) has produced the third Report to Members, which provides an update on the annual review of the Practising Certificates Scheme and includes current statistics and some further information on restricted certificates.

The previous reports can be found below:

The reports should be of particular interest to practising certificate holders, and those who plan to become practising certificate holders.

Timings and costs

Initial applications can take up to 30 days to process. The 30 days is measured from the date the fully complete application is received and has been checked by the Membership Team.

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 £910. 

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
  • Reviewing Actuary to a Solvency II firm

New (initial) applications

All initial applicants are subject to an Identity and Basic Criminal Record Check.  More details on how to undertake the check can be found here.

Renewals

Practising Certificates for Life actuaries

Roles for which a certificate is required:

  • Appropriate Actuary
  • Reviewing Actuary to a non-Solvency II firm
  • Small Insurer Chief Actuary
  • With Profits Actuary

New (initial) applications

All initial applicants are subject to an Identity and Basic Criminal Record Check.  More details on how to undertake the check can be found here.

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 an Identity and Basic Criminal Record Check.  More details on how to undertake the check can be found here.

Renewals

Practising Certificates for Scheme Actuaries

Role for which a certificate is required:

  • Scheme Actuary

New (initial) applications

All initial applicants are subject to an Identity and Basic Criminal Record Check.  More details on how to undertake the check can be found here.

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

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