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Practising Certificates Committee: annual report to members 2023

March 2024

This year’s report includes:

 

The new Practising Certificates Scheme: one year in

The new Practising Certificates (PC) Scheme came into effect on 1 December 2022, with the new approach aiming to provide a simplified, more proportionate, and effective PC Scheme.

The main changes to the scheme included:

  • a simplified annual renewal process
  • a fuller renewal required every 3 years
  • a more relevant and inclusive competency-based assessment
  • wider methods to demonstrate competence
  • updates to the format of the UK Practice Modules

New example application forms were also made available, along with guidance on completing PC applications, to provide additional support to those applying for a PC. Examples and guidance can be viewed on the dedicated practising certificates webpage.

Adhoc feedback has been received throughout the year, which indicates that:

  • members welcome the shorter annual renewal process
  • the full renewal process is straightforward and more relevant, engaging, and inclusive than the previous process

Practising Certificates Scheme (PDF, 130 KB)

Tell us your views on the new scheme

The views of current and future PC holders are key to ensuring the PC process remains as effective and engaging as possible for IFoA members and in the public interest.

To assess whether the new scheme has met its objectives and to gather feedback on the process, the IFoA is in the very early stages of a post-implementation review of the scheme.

Your views are crucial to ensuring the process is reflective of the IFoA’s commitment to being a modern, progressive, regulatory body. Please provide your thoughts and feedback in our online questionnaire.

The survey closes at 17:00 on 19 April 2024

Complete questionnaire

New online practising certificate application form

A new online PC application form was introduced recently as part of the new member portal. The new process is designed to be a more intuitive and efficient way for you to apply for your PC and is linked to your member record.

If you already hold a PC, your PC reminder email will include a direct link to the correct application for you to complete.

If you are looking to apply for a new PC, you can login to the members’ area of the website and apply through the practising certificates section.

A guide for completing the online application will be available on the IFoA website over the coming weeks on our practising certificates page.

 

Practising certificate related activities during the year

Some updates on requirements for reviewing actuaries and our consultation on a PC scheme for QAS accredited organisations.

 

Practising certificate requirements for reviewing actuaries

In August, the Regulatory Board published a consultation on the removal of the PC requirements for reviewing actuaries. The Practising Certificates Committee engaged with the Regulatory Board in advance of the consultation. For the reasons outlined in the consultation document, it was supportive of the proposals.

The consultation closed on 17 November and received 11 responses. The responses were considered by the Regulatory Board at its February meeting. The consultation feedback paper, along with next steps, will be communicated over the coming weeks.

 

Integration of the Practising Certificates Scheme with QAS

In April 2024, the IFoA will begin consulting on proposals to introduce a PC scheme for QAS accredited organisations. The consultation will set out proposals for an optional QAS PC scheme. The scheme would offer a more streamlined PC process for those individuals who work for QAS organisations and opt-in to the scheme.

You are encouraged to contribute your views when the consultation opens.

 

Practising certificates in existence

The table below shows the number of PCs in existence at 31 December 2023, together with the annual figures for the number of new certificates:

Practising certificate      

Total PCs

Total new*

Chief Actuary (Life)

99

9

Chief Actuary (Life, Non-Directive)

7

0

Chief Actuary (Non-Life with Lloyd’s)

110

17

Chief Actuary (Non-Life without Lloyd’s)

67

7

With-Profits Actuary

38

4

Lloyd’s Syndicate Actuary

59

5

Pension Scheme Actuary

717

30

CDC Scheme Actuary

1

1

*This shows the number of new PCs issued in the period 1 January 2023 to 31 December 2023.

 

Hints and tips for completing your application

The guidance and example applications will be reviewed as part of the post-implementation review. In the interim, the Practising Certificates Committee offers the following hints and tips.

To ensure the smooth processing of your application:

  • describe specific situations and the outcome of the situation to demonstrate the competencies (the guidance refers to the STAR technique, a useful guide to follow when completing your application whether initial or full renewal)
  • try to avoid describing more general approaches and provide evidence of direct experiences (although there are some areas where a broader approach may be suitable)
  • describe experiences you have encountered during the period prior to your application, which is a great way to demonstrate your competence remains current
  • use experiences that encompass multiple elements (but remember you do need to cover each of the elements of the framework in your application)
  • describe what you did in the situation rather than referring to your team or business

 

Queries and draft applications

If you have any questions in relation to PCs or feedback on the new PC Scheme, please contact the Secretary to the PCC at practising.certs@actuaries.org.uk. 

Potential new PC applicants who would like feedback on their application are reminded that they are welcome to submit a draft application to the IFoA for consideration.

 

Practising Certificates Committee

You can find the full list of PCC members and the most recent agenda and minutes (redacted where necessary) on the Practising Certificates Committee page.