Essential elements of the merger arrangements, such as the Scottish constituency and its representation on the Council of the Institute and Faculty of Actuaries, are incorporated into the new governance documents.
Authority for the governance, control and strategic direction of the Institute and Faculty of Actuaries sits with the Council which delegates to various boards, committees and staff.
[7] In 2018 the Kingman Review found that the FRC's oversight of the actuarial profession had not in practice proved 'an altogether effective arrangement'.
Alongside this, a report by financial economist Kevin Dowd[10] claimed that the Institute 'had allowed itself to be used as a mouthpiece for ERM industry leaders to broadcast their misunderstanding of their products in pursuit of their commercial interests' following a review by the UK Prudential Regulation Authority in 2018 concluding that firms investing in equity release mortgages were not properly reflecting the cost of the no-negative-equity guarantee.
The UK satirical magazine Private Eye also carried a story alleging that the PRA's investigation had been delayed by 'years of lobbying' from firms including accountants KPMG and Ernst & Young, and by the Institute itself.
The Institute and Faculty of Actuaries continues the former Institute’s role as a designated professional body, under the Financial Services and Markets Act 2000, which enables it to license firms that are managed or controlled by actuaries, allowing them to carry on certain limited regulated activities.
These are usually sat first by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues.
[18] Alternative routes to Fellowship are: Associates and Fellows gain a further qualification, CERA, if they pass the SP9 Enterprise Risk Management exam.
When occupations are placed on this list, UK employers have less restrictions for recruiting candidates directly from overseas; specifically from outside the EU.
They would no longer need to complete a residency test, which involves demonstrating that a search for suitable candidates within the UK in the first instance has been unsuccessful.
Actuaries were removed from the shortage occupation list in April 2013 following a consultation by the UK government's Migration Advisory Committee in January 2013.
The countries of origin for these migrants were as follows: Australia (6), China (1), India (4), Malaysia (1), South Africa (5) and United States (2).
[citation needed] In September/October 2022, the actuarial profession faced criticism due to its failure to cover risks which crystallised when interest rates rose.
[27] The IFoA lost a racist lawsuit in January 2023, in which they were found guilty of favoring Indians for having four exams every year.