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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 second Report to Members, which provides an update on the annual review of the Practising Certificates Scheme and includes current statistics and further suggestions to initial and renewal applicants to help their applications go as smoothly as possible.

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

You can also view the 2018 Report to Members here. 

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 £890.  This will increase to £910, with effect from 1 October 2020.

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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Events calendar

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Autumn Pensions Webinar: To the end game and beyond

    Webinar
    2 December 2020

    Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Autumn Pensions Webinar: Cash is King - What next for CDI?

    Webinar
    4 December 2020

    Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Autumn Pensions Webinar: Impact of Dividends

    Webinar
    8 December 2020

    Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.