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.

The FRC has a number of operating bodies that include The Board for Actuarial Standards (BAS) which sets actuarial standards and the Professional Oversight Board (POB) which among other things provides independent oversight of the regulation of the actuarial profession by the professional actuarial bodies and promotes high quality actuarial work.

The Institute and Faculty of Actuaries (which is externally branded “The Actuarial Profession”) 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 Limited is authorised and regulated by the Financial Services 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.