Institute and Faculty of Actuaries
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The Institute and Faculty of Actuaries is the professional body which represents the actuaries in the United Kingdom.
The Institute and Faculty of Actuaries came into being on 1 August 2010 as a result of the merger of the Institute of Actuaries and the Faculty of Actuaries in Scotland after voting members of both bodies voted to merge their respective organisations in a ballot held on 25 May 2010.
The Queen in Council granted an amendment effective 1 August 2010 to the Charter of the Institute of Actuaries in terms that converted it to the Charter for the Institute and Faculty of Actuaries. The assets, liabilities and membership rights of the Faculty of Actuaries in Scotland were transferred on this same day to the Institute and Faculty of Actuaries and the Charter of the Faculty of Actuaries in Scotland was surrendered. Essential elements of the merger arrangements, such as the Scottish constituency and its representation on the Council of the Institute and Faculty of Actuaries, are incorporated into the new governance documents.
Authority for the governance, control and strategic direction of the Institute and Faculty of Actuaries sits with the Council which will in turn delegate to various boards, committees and staff.
The President of the Institute and Faculty of Actuaries (IFoA) is Colin Wilson. His term of office began on the 23 June 2016. He succeeded Fiona Morrison, who now takes of the title of Immediate Past President. The President-elect is Marjorie Ngwenya.
Actuaries work in a number of different practice areas: enterprise risk management, finance and investment, general insurance, health and care, life insurance and pensions.
Each of these areas is supported by an executive committee which oversees the development of knowledge and research within its own area, provides members with CPD opportunities and takes forward a programme of practice-specific research. The committees also foster a sense of community among actuaries practising in their particular field of expertise.
The Institute and Faculty of Actuaries sets examinations, continuing professional development, professional codes and disciplinary standards. The Financial Reporting Council (FRC) assumed responsibility for oversight of the actuarial profession and the independent setting of actuarial technical standards with effect from May 2006.
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