On this page you can find info on proposed and recent changes to the IFoA’s Regulations.
View our responses to members' frequently asked questions on these changes through our dedicated FAQ page.
As outlined in our press release of 15 June, at its meeting on 14 June 2023 Council approved a series of measures to strengthen and modernise its governance. The changes reflect leading governance practice and support the IFoA’s ambition to be a globally leading professional body, promoting accountability and diversity. The improvements are designed to serve and support members, both now and for future generations.
In order for these measures to take effect Council have approved amendments to a number of the IFoA’s Regulations. The votes approved by Council, and the consequential amendments to the Regulations, are set out below:
Council voted to approve:
(i) that the Chair of the Unitary Board be an independent non-executive director;
(ii) that the composition of the Unitary Board be changed to 4 independent non-executive directors, 4 member non-executive directors (1 of whom shall be the President) and the IFoA Chief Executive;
(iii) that an appropriately constituted Nominations Committee(s) will in future be responsible for filling non-executive vacancies on Unitary Board (other than the President, who will be an ex-officio member of the Board, as of right). Appointments will be made following an appropriately objective skills- and competency-based selection process;
(iv) that Council shall reserve the right, in exceptional circumstances, to remove either the Unitary Board Chair or the Board in its entirety;
The changes to our Regulations are required to implement these resolutions are set out below. You can view our responses to members’ frequently asked questions on these changes.
| Regulation | Current | Proposed amendment | Proposed implementation date |
|---|---|---|---|
| 10 |
Management Board The management body provided for under Bye-law 17 shall be known as the Management Board. Members of the Management Board as a result of their office or employment shall be:
In addition, the Council may appoint:
|
The management body provided for under Bye law 17 shall be known as the IFoA Board. Members of the IFoA Board shall be:
|
1 March 2024 |
| 11 | The Council may fill any casual vacancy among the appointed members of the Management Board which may occur during a year, but need not do so. | An appropriately constituted committee will appoint the non-executive members, including the Chair, of the IFoA Board (other than the President, who will be an ex-officio member of the Board, as of right). | 1 March 2024 |
| 12 | The Chair of the Management Board shall be the independent member appointed under Regulation 10, if any, who is a Fellow or Associate and otherwise shall be one of the Fellows or Associates on the Management Board (other than the President). | Council reserves the right to remove the Chair of the Board and/or the entire membership of the IFoA Board. To do so requires a majority of not less than three-fourths of the whole number of members of Council to vote in favour. | 1 March 2024 |
(v) that the Term served by any elected President be changed to two years;
The above resolution requires the following Regulation changes:
| Regulation | Current | Proposed amendment | Proposed implementation date |
|---|---|---|---|
| 4 |
Each year at least 60 days before the AGM the Council shall elect a Fellow or Associate to be President-elect with effect from the AGM. The President-elect, if not then a member of the Council, shall be co-opted on to the Council from the date of the AGM as one of the co-options under Regulation 9 (a) and shall continue to be so co-opted while President and Immediate Past President. A President-elect who is already a member of the Council shall remain a member of the Council for the relevant constituency whilst serving as President-elect, President and Immediate Past President. |
Starting in 2024 and every 2 years thereafter, at least 60 days before the AGM, the Council shall elect a Fellow or Associate to be President -elect with effect from the forthcoming AGM. The President-elect shall serve as President-elect until the next subsequent AGM, whereupon they will assume the role of President for a Presidential term of two years, until the next but one AGM thereafter. The President-elect, if not then a member of the Council, shall be co-opted on to the Council from the date of the AGM as one of the co-options under Regulation 9 (a) and shall continue to be so co-opted while President [and, until the AGM in 2025, while Immediate Past President]. A President-elect who is already a member of the Council shall remain a member of the Council for the relevant constituency whilst serving as President-elect, President [and, until the AGM in 2025, as Immediate Past President]. |
1 March 2024 |
| 5 | Each year at least 60 days before the AGM the Council shall appoint a Fellow or Associate to be President with effect from the AGM. | [Delete] | 1 March 2024 |
(vi) the removal of the role of the Immediate Past President upon the appointment of the first President with a two-year term (expected June 2025).
The above resolution requires the following Regulation changes:
| Regulation | Current | Proposed amendment | Proposed implementation date |
|---|---|---|---|
| 2 |
There shall be the following honorary officers:
|
With effect from the AGM in 2025, there shall be the following honorary officers:
|
Date of AGM in 2025 |
| 3 | Meetings of the Council shall be chaired by the President. The President may nominate either the President-elect, or Immediate Past President to act as Chair. In the absence of such nomination, the President-elect or Immediate Past President shall between them, agree who will chair the meeting. | Meetings of the Council shall be chaired by the President. The President may nominate the President-elect or such other Council member as deemed appropriate to act as Chair. | 1 March 2024 |
| 6 | On retirement the President shall be invited to become the Immediate Past President for the ensuing period as provided under Regulation 2. | Until the AGM in 2025, the President shall be invited, on retirement, to become the Immediate Past President. Thereafter the role of Immediate Past President shall cease. | 1 March 2024 |
These amendments were agreed in line with Bye-law 28, which confirms that Council shall, subject to certain provisions as detailed in that Bye-law, “have power to make, amend or delete Regulations governing such matters as it sees fit”.
These amendments were also agreed in line with Bye-law 29, which requires that Council shall only have power to amend a Regulation if “a majority of not less than three-fourths of the whole number of the members of the Council vote in favour” of that amendment.
Rule 19A requires that changes to the Regulations must “appear on the website of the Institute and Faculty of Actuaries for no less than 28 days before taking effect.”
Rule 19A continues that “if more than 50 members raise formal objections to the amended Regulations during that 28 day period, the Council will re-consider the amendments, taking into account the views expressed by the members.”
With this message being published on Monday 17 July 2023, we hereby invite members to contact James Harrigan, Corporate Secretary at the IFoA (james.harrigan@actuaries.org.uk), to raise any formal objections to the proposed amendment to Regulations 2, 3, 4, 5, 6, 10, 11 and 12.
The deadline for submitting a formal objection is Monday 14 August 2023.
A list of recent amendments to the Regulations can be seen below.
Questions or concerns about this, the Regulations, or any other aspect of the IFoA’s constitution, can be addressed to James Harrigan, the IFoA's Corporate Secretary.
Listed below are all changes to the Regulations made since July 2019.
It is hereby confirmed that each amendment was:
Date of notice: 7 February 2023
Date of implementation: 8 March 2023
Please note deletions are in struck-through text and additions in italics.
‘Privacy and Data Protection’
21. The Institute and Faculty of Actuaries shall respect the privacy of its members and shall not share personal information with non members except for the exchange of information relevant to regulatory matters with other professional bodies or regulators. Personal information of members shall only be processed in accordance with applicable legal and regulatory requirements and in line with the IFoA’s privacy notice.’
Date of notice: 22 June 2021
Date of implementation: 21 July 2021
Please note deletions are in struck-through text and additions in italics.
10. The management body provided for under Bye-law 17 shall be known as the Management Board. Members of the Management Board as a result of their office or employment shall be:
In addition, the Council may appoint:
Date of notice: 13 November 2020
Date of implementation: 11 December 2020
From:
“Affiliates should be educated to degree (or equivalent) level and have relevant experience to meet one or more of the following criteria:
To:
“Affiliate members are subject to such published terms and conditions as are required by the IFoA and may be removed by a published process and final decision of the President of the IFoA”.
Date of notice: 23 June 2020
Date of implementation: 21 July 2020
From:
“Subscriptions are due on 1 October of the subscription year. Subscriptions which are outstanding as at 1 November shall attract a 10% surcharge which rises to 20% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any subscription year shall result in cancellation of membership. The Council may suspend these requirements in circumstances which it deems appropriate.”
To:
“Subscriptions are due on 1 October of the subscription year. Subscriptions which are outstanding as at 1 November shall attract a 1% surcharge which rises to 2% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any subscription year shall result in cancellation of membership. The Council may suspend these requirements in circumstances which it deems appropriate.”
Date of notice: 23 June 2020
Date of implementation: 21 July 2020
From:
"Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the Membership Team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team for a reduced subscription.”
To:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the Membership Team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired in accordance with the applicable IFoA published Subscription Policy may apply to the membership team for a reduced subscription.”
Date of notice: 10 January 2020
Date of implementation: 10 February 2020
From:
“Students shall normally be admitted if they have achieved the following educational standards:
For those Students who have a degree they must:
For those Students who do not have a degree they must:
Overseas Students shall be required to meet equivalent standards to those above through comparable qualifications.
Applicants who do not have the capacity to gain a good honours degree or do not have adequate proficiency in English are likely to experience particular difficulty with the examinations.”
To:
“There are no educational entry requirements for Students. Students shall normally be admitted upon acceptance of an application for admission and subject to such published terms and conditions as required by the IFoA from time to time.”
Date of notice: 19 June 2019
Date of implementation: 17 July 2019
From:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than 30 times the level of the required subscription that would apply to the member concerned may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription.”
To:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription.”
Please email questions about any aspect of the IFoA’s constitution to our Corporate Secretary James Harrigan. He will try to respond within 5 working days.