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Quality Assurance Scheme (QAS)

The Quality Assurance Scheme (QAS) is a voluntary accreditation scheme for Organisations (or identifiable parts of an organisation) that employ one or more members of the Institute and Faculty of Actuaries (IFoA)

In order to obtain QAS status an Organisation must demonstrate their commitment to assurance of the quality of actuarial work and comply with the standard APS QA1

Their suitability for QAS status will be assessed by an independent assessment team and then determined by the QAS Sub Committee on the basis of that assessment.  

Further information and details about the QAS can be found in the QAS Handbook.

The QAS is now open for applications.  Organisations can apply for accreditation by completing and submitting the Application Form by email to QAS@actuaries.org.uk or by post to:

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

The Financial Reporting Council (FRC) has given the QAS the following endorsement:

The FRC welcomes the IFoA’s decision to introduce its Quality Assurance Scheme for businesses that employ actuaries.  We firmly believe that excellence in the working environment is essential to maintain and improve actuarial quality in the public interest, leading to better outcomes for customers and businesses alike. 

The FRC considers that the independent assessment of businesses that participate in the scheme will support the Scheme’s effectiveness at achieving these outcomes.  We would encourage businesses to join the Scheme.

The video below explains how to plan for the assessment

Other videos cover:

  • How (and why) to apply for the IFoA's Quality Assurance Scheme
  • What happens during the assessment

Organisations that volunteered for the pilot scheme offered the following feedback:

  • "This is driving an overall improvement in standards for the profession.  It might not be why people sign up in the first place, but there is lots of value in going through the audit process.  I would recommend the process to other firms in a similar position."   Paul Bunzl, BBS Consultants and Actuaries Ltd
     
  • "The [assessment] process is a useful exercise in reviewing policies and procedures from a fresh perspective.  The final report had useful observations that allowed us to further strengthen some processes for the benefit of clients and staff."   David Gordon, Towers Watson
     
  • "A fresh pair of eyes from outside the organisation can expose a different perspective and the feedback helped us make some positive changes."   Chris Green, Lane Clark & Peacock LLP
     
  • "[The assessment team] wanted to check that the processes, policies and procedures were bedded down and people knew about them.  Rather than being stuck in a filing cabinet."   Wendy Handcock, First Actuarial
     
  • "As actuaries, we all want to ensure our work is designed to answer the questions of our clients, is clear and pragmatic and pitched at the right level.  We also want it to be technically correct, having been checked and peer reviewed but importantly we want our clients to have confidence in us.  And so this is why we want the QAS stamp."   Ruth Thomas, Barnett Waddingham

You can read more about the experience of Organisations who participated in the pilot scheme of the QAS, in the case studies that have been prepared

Core QAS documents

Fees

QAS Sub Committee

Contact Details

Quality Assurance Scheme

qas@actuaries.org.uk

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