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A new approach to Practising Certificates

24 January 2022

Following an initial consultation on proposals for a simplified, more proportionate, and effective Practising Certificates Scheme in 2021, the IFoA has now published the detailed new scheme along with a summary of consultation responses.

The proposals include:

  • More focus on initial applications with a lighter touch approach to renewals
  • Move to a competency-based criteria
  • Changes to the form and nature of UK Practice Modules (UKPM) and the requirements around completing the UKPM
  • Greater support for Members in relation to PCs

Neil Buckley, chair of the IFoA’s Regulatory Board, said:

“We are committed to fair and proportionate regulation, that upholds the public interest through effective standards but is also responsive to the needs of IFoA members. The review of the Practising Certificates Scheme is intended to make certification more accessible to new applicants and less burdensome for current holders.

“Thank you to all who took time to respond to our initial consultation last year. Your responses were helpful and thoughtful and indicated strong support for change. I hope that you will take the time to offer further assistance in shaping a process that is effective, efficient and demonstrates to the world the high standards met by members in some of the most senior UK actuarial roles.”

We welcome your feedback on the detailed proposals, which can be provided via our online survey, by 21 March 2022.