Since then there has been an underpinning concept of professional behaviour and the implicit right, or even duty, to discipline members who did not conduct themselves appropriately.
Over the last two decades the Faculty worked closer and closer with its sister body the Institute of Actuaries and, prior to the merger of the two bodies, reached a stage where almost all aspects of both bodies were run jointly; for example whilst Maclaurin House in Edinburgh was the home of Faculty Council the main purpose of the executive in Maclaurin House is to provide professional regulation services to all members of the UK Actuarial Profession.
After investigation and consultation of the issues Faculty Council elected to actively pursue merger with the Institute.
On 17 March 2008 a group of 10 members of the Faculty requisitioned a Special General Meeting which was duly held on 16 April 2008.
Of the 137 voters; • 61% supported a resolution to explore improved co-operation in the joint governance of the bodies and as part of this to consider annually renewable delegations • 58% supported a resolution directing Council to arrange detailed consultation with the membership; and • 53% suggested a resolution directing Council to cancel the proposed in principle vote and instead to put to members a range of options and to facilitate a single transferable vote.
As a result, in late 2008 both the Faculty and Institute arranged a survey of the whole membership to ascertain their view in principle on a merger between the two bodies.
The examinations could only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate was able to offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects.
In addition to examinations and courses, it was required that the candidate both complete at least three years work as an actuary and be at least 23 years of age to qualify as a "Fellow of the Faculty of Actuaries" (FFA) [3] The Core Technical section consisted of the 8 exams and a "Business Awareness Module," CT9.
These were usually first sat by a candidate and included the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues.