The Institute and Faculty of Actuaries (IFoA) is the UK's chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.
The IFoA regulates and represents over 32,000 members worldwide, overseeing their actuarial education at all stages of qualification and development throughout their careers. We set examinations, continuing professional development, professional codes and disciplinary standards for our members.
The Institute and Faculty of Actuaries (IFoA) is seeking a Lay member for their Regulatory Appointments Committee.
The Institute and Faculty of Actuaries’ (IFoA’s) Regulatory Appointments Committee (RAC) acts independently of Council in relation to all regulatory decision making within its remit, in the public interest. It’s role is to make appointments to support the delivery of the IFoA’s regulatory function; namely to the IFoA’s Regulatory Board, all roles to be appointed under the Disciplinary and Capacity for Membership Schemes, to this committee and as otherwise may be specified from time to time.
There are eight members of the committee: four members of the IFoA, three lay members and an independent lay Chair. The committee has a diverse range of demonstrable experience in: interviewing and appointments; diversity, equity and inclusion; and regulatory frameworks (which include setting codes and standards relating to professional conduct and competence, discipline and enforcement, professional qualifications and assessments frameworks, and public interest regulatory aspects of examination and admissions frameworks). The committee also has experience of peer professional, regulatory and qualification membership bodies in the UK and internationally.
A vacancy has arisen for one Lay Member. Expressions of interest are encouraged from anyone with skill and experience appropriate to the role. In particular, the committee has an interest in lay applications from HR professionals who may have experience of regulatory appointments within comparable professional disciplinary and enforcement systems (conduct and/or fitness to practice) and/or international professionally regulated bodies. In your application, please explain why you think that your experience is relevant to this role, including examples.
If you are interested in this opportunity and would like to work with the IFoA, please do consider applying.
The remit of the Regulatory Appointments Committee is available on our website. The successful candidate will be involved in discussion and decision making including (but not limited to):
Appointed roles are for a mix of senior and other roles necessary to support the delivery of the IFoA’s regulatory function. Input from the relevant Board or Committee on the role skills and requirements will be provided. Appointments mainly relate to disciplinary volunteer (lay and actuary) roles, but you should expect to be offered the opportunity to be involved in a wide range of volunteer regulatory appointment processes (excluding employed roles) during your tenure.
Regulatory appointments are made using an open, competitive process. Independent decisions are based on the skill and experience appropriate to the vacant role. Independent decisions on regulatory appointments are made by purpose driven, time bound interview panels formed from within the committee, on its behalf.
This is a three year appointment renewable for a further three years. All appointments and renewals are made by the Regulatory Appointments Committee (RAC).
The role attracts an honorarium of £300 per day, and expenses incurred in the role are recoverable from the Institute and Faculty of Actuaries in line with the IFoA’s expenses policy.
Training and support is provided during your tenure, this is not subject to remuneration.
There are four meetings held each year, typically held virtually. The time commitment for this usually equates to one half day per quarter.
In addition, all members participate in each appointment round, sifting candidates for interview, and two members will constitute interview panels. This time requirement varies from year to year but, in principle, applicants should be able to offer two to three days either for sifting or for interviews (typically held virtually).
Candidates are asked to provide demonstrable experience in as many of the following areas as possible:
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 board and committees. 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.
All appointments are subject to candidate declaration and consideration of any actual or potential conflicts of interests. Committee members should not hold any roles on the IFoA’s Council, Regulatory Board and/or under the Disciplinary and Capacity for Membership Schemes.
Interviews are conducted following a competency based interview approach.
The IFoA’s indemnity arrangements cover those acting under the disciplinary schemes, both actuarial and lay.
If you are interested in applying for the above position please send your CV (maximum of two pages) and a covering letter (maximum 500 words) that addresses how you meet the requirements of the role to HRSupport@actuaries.org.uk by 5 August.
The role holder must be an ambassador for and demonstrate the IFoA Values in all aspects of their work.
Please email the HR Team if you require:
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.
If you have any questions for the HR Team, please email us.
We aim to respond to all initial enquiries within 3 working days.