Chair of the Disciplinary Committee and Regulatory Board Lay Member

An exciting opportunity has arisen to Chair the Institute and Faculty of Actuaries’ (IFoA’s) Disciplinary Committee and be appointed as Lay member of the Regulatory Board.

We are seeking to appoint a proactive candidate with an interest in regulation and professional discipline to sit as both Chair of the Disciplinary Committee and as a Lay member of the Regulatory Board. Demonstrable experience of professional regulation and disciplinary proceedings at a senior level is required.

The IFoA is an international body with a worldwide membership of around 35,500 members of which nearly half are student members. 46% of its members overall and 63% of its student members are based outside the UK and increasingly actuarial practice is international.

We oversee their education at all stages of qualification and development throughout their careers. By joining the IFoA, members are making a personal commitment to high standards of education, professionalism, competence and integrity.

 

Disciplinary Committee

The Committee oversees the management and operation of the IFoA’s Disciplinary Scheme (Scheme).
The main purpose of the Scheme is to protect the public by maintaining the standards of IFoA members. The public - clients, users, employers, and all those whose finances are affected by actuarial decisions, must be confident that the members they employ, or trust with their finances, will observe the standards of practice and confidence that justify that trust.

While few members come into contact with the Scheme, it plays a crucial role in maintaining professional standards and public confidence in the profession. To support trust in our profession, it is essential that we have a rigorous, fair and robust disciplinary process.

Responsibilities of the Committee include: overseeing the operation of the Disciplinary Scheme; making Regulations to support the Scheme; setting guidance on relevant policies and procedures; setting timeframes for processes; monitoring feedback on the Scheme; and producing an Annual Report to the Regulatory Board. Further details can be found in the Disciplinary Committee’s Terms of Reference.

 

Regulatory Board

The successful candidate will also sit on the IFoA’s independent Regulatory Board, which is responsible for giving effect to the IFoA’s public interest regulatory responsibilities under its Royal Charter, through oversight of the regulatory functions of the IFoA (including its disciplinary functions, standards setting, Practising Certificates system, and the public interest aspects of its admissions and examinations system).

Further detail can be found in the Regulatory Board's Terms of Reference.

The Disciplinary Committee Chair will be expected not only to provide a link between the Board and the Disciplinary Committee (which reports into the Board) but also to participate as a full and active member of the Board in relation to its whole remit.

 

Task specification

The duties of the Chair of the Committee will include (but are not limited to):

• Effective leading of the Committee, including chairing Committee meetings.
• Determining, in consultation with Executive staff, the priorities and strategic objectives of the Committee and leading the Committee in delivering these.
• Leading the Committee in holding the Executive accountable for the effective operation of the disciplinary processes.
• Working in collaboration with the Executive, Committee and Board to fulfil respective areas of responsibility under the IFoA Regulatory Strategy.
• Ensuring the Committee’s activities support the IFoA principles of diversity, equity and inclusion.
• Acting in compliance with the IFoA’s Governance Manual and delegated authorities.
• Awareness of the introduction of the Audit Reporting and Governance Authority (ARGA), which will replace the Financial Reporting Council, and how this may impact on the IFoA’s disciplinary processes.

The Regulatory Board has a significant role in overseeing the IFoA’s public interest regulatory functions, in both a UK and international context. The challenges and demands on the Board are complex, interdependent and fast moving. Lay membership of the Board is core to ensuring there is balance in the Board and that the public interest is properly reflected in decisions. This is essential to maintain public trust in the profession.

Some of the benefits the IFoA is expecting to obtain its independent members of the Board are:

• a view on issues, from the perspective of someone outside the profession, including the implications for users of actuarial work and end-consumer;
• scrutiny and challenge of conventional actuarial thought;
• different perspectives on current and complex issues faced by modern society;
• understanding of and adherence to the Good Regulation principles, which include openness and accountability; and
• a visible demonstration of independent involvement in decision making.

As Lay Member of the Board the successful candidate will also be involved in discussion and decision making including (but not limited to):

• Overseeing the delivery of the regulatory functions of the IFoA
• Contributing to and monitoring the IFoA’s public interest Horizon Scanning activities, including engaging with regular ‘deep dives’ into key topics
• Approving the IFoA framework of professional codes, standards and guidance
• Monitoring the work of the Disciplinary, Professional Skills, Practising Certificates, Quality Assurance Scheme (QAS) and Designated Professional Body (DPB) Committees.
• Understanding the IFoA’s response to the introduction of the Audit Reporting and Governance Authority (ARGA), which will replace the Financial Reporting Council

 

Key responsibilities

The successful candidate is expected to:

• Chair Disciplinary Committee meetings and participate as a full member of Regulatory Board, including attending meetings and interim meetings;
• Be fully prepared for Committee and Board meetings, having read all papers prior to attendance;
• Be an active contributor at both Disciplinary Committee and Regulatory Board, offering insight, constructive comment/challenge and input at meetings as well as providing timely input on matters circulated between meetings;
• Bring an external perspective and challenge in the public interest to encourage a robust and transparent actuarial profession;
• Work collaboratively and respectfully with the Executive team on specific pieces of work for the Board and/or Committee, as required;
• Liaise with the Lay Convener of Disciplinary Tribunal Panels and the Lay Convener of Adjudication Panels to keep the practical operation of the Scheme under review;
• Report to the Board (and at a senior stakeholder level) on the strategic effectiveness of the Scheme.

 

Tenure

This is a three year office holder appointment, renewable for a further three years on a discretionary basis. All appointments and renewals are made by the Regulatory Appointments Committee.

 

Time commitment

The Committee normally meets four times a year and the Board normally meets five times a year (including one strategy day). There will be ad-hoc interim business (through interim meetings as well as emails) throughout the year, in addition to formal meetings.

Committee meetings are held virtually, with the option of one in in person meeting per year. The Board meets virtually, with two in person meetings per year.

It is estimated that the time commitment will be approximately 25 to 30 days per year.

 

Remuneration

This office holder role attracts an honorarium of £600 per day plus travel expenses if required (recoverable from the IFoA in line with the IFoA’s volunteer and travel expenses policy).

Please note that the role will be subject to a 6-month probation period which will include regular 1 to 1 meetings with the Chair of the Regulatory Board.

 

Person specification

The IFoA encourages applicants from a variety of backgrounds and experience and welcomes diversity with regard not only to protected characteristics but also diversity of thought on its Boards and Committees.

Candidates are asked to provide demonstrable experience in as many of the following areas as possible:

• significant experience of professional regulation and/or discipline;
• a good understanding and appreciation of the concept of the public interest;
• an ability to think strategically and to exercise good, independent judgement;
• an understanding of the importance of good governance;
• the ability to critically challenge decisions while retaining a willingness to listen to and acknowledge other viewpoints;
• good communication skills and a willingness to participate actively in discussions about regulatory strategy and policy;
• strong leadership and chairing skills;
• an understanding of the role of actuaries and the ethical issues affecting professionals;
• sound understanding of DEI issues;
• excellent verbal and written communication skills; and
• IT literate with strong computer skills.

 

Please note that the following individuals cannot be appointed to the role:

1. a member of the IFoA;
2. a member of Council and/or the IFoA Board;
3. anyone appointed under the Disciplinary Scheme;
4. a senior employee or director of the Financial Reporting Council or someone appointed to a role directly related to the FRC enforcement function;
5. an employee of the IFoA; or
6. unless otherwise agreed by the Regulatory Appointments Committee, a person who has been the subject of a finding of misconduct by the FRC.

 

Professional indemnity

The IFoA’s indemnity arrangements cover those acting under the disciplinary schemes, both actuarial and lay.

 

Diversity, equity, and inclusion

Diversity, equity and inclusion are more than just words for us. That’s why we are committed to creating a culture where everyone feels included and respected, and where no one is unfairly discriminated against. Consequently, we promote diversity, equity and inclusion in all our policies, practices and procedures, and actively encourage applications from a diverse range of potential candidates. All applications for our volunteering roles are considered on merit alone. For more information on our DEI commitments please see our DEI strategy page.

 

How to apply

To apply, please email hrsupport@actuaries.org.uk providing the following information by the closing date of 20 January 2025:

• your CV and full contact details
• a cover letter (maximum 500 words) with a synopsis of your relevant background and experience, a note of your reasons for wishing to take on this role, and an overview of what you feel you could bring to this role.

All applications will be considered and a short list of candidates will be invited to a competency based interview.

 

Alternative format and adjustments

Please email the HR Team if you require:

• any information regarding our vacancies in an alternative format
• any adjustments to support you to fully participate in any part of the application and recruitment process

Any information shared will be used only to enable us to make reasonable adjustments to support candidates to participate in the recruitment process. It will not inform selection decisions.

You can reach us at HRsupport@actuaries.org.uk.