The IFoA is incorporated by Royal Charter under which it has the role of regulating the actuarial profession, in the public interest.
Regulation of the actuarial profession in a way that promotes the public interest by holding Members to high standards of professional competency and conduct.
(The IFoA’s Regulatory Purpose)
The IFoA’s Regulatory Policy Statement sets out its approach to that regulatory role and the way in which the IFoA will give effect to its Regulatory Purpose.
All IFoA Members, wherever they are based, must comply with the Charter, Bye-laws, Rules and Regulations, as a condition of Membership. This is to ensure they meet standards of behaviour which other Members, and the public, might reasonably expect of a member of the IFoA.
The IFoA also gives effect to its regulatory role through core regulatory activities:
An Independent Regulatory Board, supported by specialist Committees, is responsible for the IFoA’s regulatory strategy and ensuring public confidence in actuaries. The Board publish meeting minutes and agendas, as well as an annual report which provides an overview of their work and upcoming plans.
All IFoA Members must comply with relevant standards issued by the IFoA and, where carrying out work within UK Geographic Scope, they must also comply with the Technical Actuarial Standards set by the Financial Reporting Council.
The Financial Reporting Council (FRC) also have a role in providing independent oversight of our work as a regulator in the UK and operate a separate actuarial public interest disciplinary scheme for actuarial cases that give rise to significant issues for the UK public interest.
Those arrangements with the FRC are set out in a Memorandum of Understanding between the IFoA and FRC.
The regulatory framework is enforced by an independent disciplinary process when an allegation is made about the conduct of a member.