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 regulatory activities of The Actuarial Profession.

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 actuarial profession consists of two bodies The Institute of Actuaries and the Faculty of Actuaries which are two chartered professional bodies for UK actuaries, working closely together across the UK as The Actuarial Profession. Individual actuaries join these bodies as student members and eventually qualify as students.

The Faculty is based in Scotland and the Institute in England but the qualifications are interchangeable and the exams have been common for many years.

The Faculty and Institute represent individual actuaries to the outside world and regulate 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 consulting actuaries like Spence & Partners are not yet in themselves regulated by the Profession.

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