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The Actuary The magazine of the Institute & Faculty of Actuaries
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Profession updates criteria for Practising Certificates

Practising Certificates (PCs) act to demonstrate, in the public interest, that an actuary is fit and proper and has the necessary skills and experience to carry out work as an actuary acting in a reserved role.

Such roles include the scheme actuary to a pension scheme, an actuarial function holder, with-profits actuary or reviewing actuary to a life insurance business, or the actuary providing an actuarial opinion for a Lloyd's Syndicate.

PCs are issued by the Practising Certificates Committee (PCC) under authority from PREC.

The changes to the current scheme, which was first introduced in 1990, are designed to strengthen the eligibility requirements to be granted a PC, to reduce the reliance on self-certification of eligibility factors, and to improve the transparency and consistency of operation of the scheme across practice areas.

The changes also include the appointment of a lay member to the PCC to help ensure that the public interest remains at the forefront of the operation of the PC Scheme.

Sir Philip Mawer, chair of PREC, said the new Practising Certificates Scheme  follows extensive consultation inside and outside the Profession.