Consultation on Practising Certificates (PC) Scheme Proposals
The Institute and Faculty of Actuaries (IFoA) is consulting on proposals for changes to its Practising Certificates (PC) Scheme, which is a key part of the IFoA’s UK regulatory framework.
The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.
The review identified a number of ways in which we believe the scheme can be improved to ensure that it is as effective, fair and proportionate as possible, including proposals that should make the process more efficient for applicants to do
The proposals would also change the IFoA’s approach to and process for determining the suitability of candidates for PCs.
The proposals would involve:
- More emphasis on the initial PC application stage than on annual renewals;
- The introduction of a competency-based criteria (rather than the current requirements for technical experience of particular work), and
- Enhanced support for Members throughout the different stages of the PC process, including the pathway to being a PC Holder.
Stephen Mann, IFoA Chief Executive Officer says that: “being a PC Holder brings a mix of recognition, value and responsibility for specialist and senior roles. The proposed changes to the PC Scheme supports the IFoA’s commitment to providing value to its members and by modernising our key processes so that they remain effective but are pragmatic and easier for our members to experience. I also hope that the proposals further demonstrate that we listen to the feedback we get from members as to how the scheme can be improved, as well as to make it more user-friendly”.
If you have questions around the proposals, you will shortly be able to book a place on our webinars through the IFoA website which are scheduled to be held on 27 May and 30 June 2021.
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