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The Actuary The magazine of the Institute & Faculty of Actuaries

Members to reconsider merger

On 24 February 2010, Joint Councils was due to decide whether to put a revised merger package to members. Further details of the merger package, including a date for a possible vote, were due to be confirmed to members by the end of February 2010.

The revised merger package has been developed having listened to member feedback following the last proposal. The key elements of the package are:
>> A proposal to call a merged body ‘the Institute and Faculty of Actuaries’
>> Revised governance documents reflecting the input from the member consultation
>> A proposal for both existing and new members to use the existing letters FIA, FFA, AIA and AFA
>> A proposal to continue using ‘the Actuarial Profession’ for all external branding.

Some members were critical of the July 2009 package, and Joint Councils accepts that criticism. It has spent the last few months consulting with members to assess what aspects of the earlier merger package they felt would best benefit the Profession, and what elements of that package could benefit from change. The group has taken this time to listen to members’ views, hoping that the revised merger package will meet concerns they have raised and that it better meets their needs for the Profession in the future.

As part of the revised merger package, Joint Councils will also be inviting members to form groups of 10 or more to facilitate the presentation of their views on the proposal to members. It aims to give more information about this process by the end of February 2010.

For more details, please visit the Profession’s website, www.actuaries.org.uk/members/merger_discussion, or the merger microsite, http://actuarialmerger.com/home.html/