Are you de-valuing your qualification?
Absolutely not. The IFoA qualifications are highly regarded as being market leading in terms of quality. The re-positioned Associateship and the introduction of the Chartered Actuary designation maintains the IFoA's commitment to producing globally recognised, relevant and distinctive high quality qualifications.
What impact will this have on actuarial Fellowship roles that are defined in legislation?
It won’t have any impact if they align with Fellowship, which will continue to exist and to be required for the time being for certain reserved roles in the UK and elsewhere.
How will you ensure that your actuaries remain competent?
CPD remains an important feature of our regulatory environment that brings confidence in the work of actuaries. The proposed changes to the qualification framework will not change this requirement.
What impact will this have on the Practising Certificate regime?
The IFoA is currently reviewing the Practising Certificate regime and is considering a number of options. For the time being, Fellowship will continue to be required in order to obtain an IFoA practising certificate.
What impact will this have on CPD requirements?
CPD requirements remain an important feature of our regulatory environment that helps to bring confidence in the work of actuaries. We will continue to review the specific CPD requirements to ensure that they remain appropriate, including to take account of these proposed changes.
Where can I find out more?
A dedicated email address (consultation@actuaries.org.uk) has been set up where you can send us any questions you might have about the proposal. We will respond to any queries within five working days, and will refresh the FAQ section on the website regularly in light of queries received.
Please also spend some time giving us your feedback via our consultation survey.
We will also hold two interactive webinars during the consultation period on 11 December at 9.00 and 17.00 (GMT). You can register for the consultation webinars here.