Regulatory Board Lay Member

An exciting opportunity has arisen to be appointed as a lay member of the Regulatory Board of the Institute and Faculty of Actuaries (IFoA).

We are seeking to appoint a proactive and innovative candidate with an interest in regulation and a background in, or an understanding of, the financial businesses and markets in which actuaries work.

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, competence and integrity.

 

Regulatory Board

The Regulatory Board 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: standards setting relating to professional conduct and competence, disciplinary functions, operation of the Practising Certificates system, and the public interest regulatory aspects of the examination and admissions system.

The Board has a significant role in overseeing the IFoA’s public interest regulatory functions in both a UK and international context.

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

The Board has a significant and stimulating work plan to maintain and the challenges and demands on the Board are complex, interdependent and fast moving.

 

Task specification

Lay membership of the Board is core to ensuring there is balance in the Board and 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 from its lay 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-consumers;
• scrutiny and challenge of conventional actuarial thought;
• different perspectives on current and often complex issues in modern society;
• understanding 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 Professional Skills,, Practising Certificates, Disciplinary, Quality Assurance Scheme (QAS) and the Designated Professional Body (DPB) Committees;
• overseeing the effectiveness of the IFoA’s regulatory enforcement arrangements at a policy level; and
• 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:

• participate as a full member of the Regulatory Board, including attending meetings and interim meetings;
• be fully prepared for Board meetings, having read all papers prior to attendance;
• be an active contributor of the 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; and
• work collaboratively and respectfully with the Executive team on specific pieces of work for the Board as required.

 

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 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.

The Board meets virtually, with currently two in person meetings per year.

It is estimated that the time commitment will be approximately 12 days per year.

 

Remuneration

This office holder role attracts an honorarium of £350 per day plus travel expenses if required (recoverable from the IFoA in line with the IFoA’s expenses policy).

 

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.

Candidates should have:

• 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; and
• good communication skills and a willingness to participate actively in discussions about regulatory strategy and policy.

Ideally, candidates will also have:

• an understanding of ethical issues affecting professions;
• an understanding of the role of actuaries;
• an understanding of the role of risk management;
• an understanding of the challenges facing professions in a global environment;
• an understanding of professional regulatory structures; and
• an understanding and insight into the perspective of the users of actuarial work.

 

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.