Regulation of Actuaries

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate governance and reporting.  The FRC sets standards for actuarial practice and oversees the professional regulatory activities of the Institute and Faculty of Actuaries.

Spence Regulation of Actuaries Architecture

The FRC has a number of operating committees that include the Codes and Standards Committee which sets actuarial standards and the Conduct Committee which among other things provides independent oversight of the regulation of actuaries and promotes high quality actuarial work.

The Institute and Faculty of Actuaries is a chartered professional body. Individual actuaries join the Institute and Faculty of Actuaries as student members and eventually qualify as Fellows.

The Institute and Faculty of Actuaries represents individual actuaries to the outside world and regulates actuaries for the benefit of the outside world by overseeing education and the qualification process of new actuaries, enforcing standards, continuous professional development, research, debate and promotion of actuarial work.

The activities of firms of consulting actuaries like Spence & Partners are not yet in themselves regulated by the Institute and Faculty of Actuaries.

Spence & Partners is now a member for the Institute and Faculty of Actuaries Quality Assurance Scheme.  The Scheme is a voluntary accreditation scheme for Organisations (or identifiable parts of an organisation) that employ one or more members of the Institute and Faculty of Actuaries (IFoA).

Spence & Partners Limited is authorised and regulated by the Financial Conduct Authority in the conduct of investment business.

Details of how trustees are regulated are included in the website of our sister company, independent trustee, Dalriada Trustees Limited.