IFoA to launch accreditation scheme to 'reinforce public confidence in the work of actuaries'

The IFoA is to launch an employer’s accreditation scheme on 1 September.

The IFoA said the Quality Assurance Scheme (QAS) would give organisations a chance to be assessed on the quality of their actuarial work. It said it was the "first scheme of its type that accredits the quality of the business policies and processes which underpin the work of IFoA members".

Organisations that are accredited will be able to use the QAS mark on their communications and marketing materials, "giving their clients a level of assurance in the firm's actuarial quality". Once accredited, organisations are subject to "structured monitoring" on a periodic basis.

Fiona Morrison, president of the IFoA, said: "It is important that actuaries are supported by their employers at both the technical and professional level to enable them to carry out their work to the highest standards. The Quality Assurance Scheme (QAS) is designed to promote effective quality assurance at an organisational level, and will go some way to help reinforce public confidence in the work of actuaries."

A pilot scheme took place last year involving the firms Lane Clark and Peacock, Barnett Waddingham, First Actuarial, BBS Consultants and Actuaries and Towers Watson (UK Retirement Practice only).

Morrison added: "I am delighted that, following a successful pilot exercise last year, we have decided to open the QAS up to all organisations that carry out actuarial work in the UK, and look forward to rolling it out further afield in the future."

Dawn Bardwell, director of professional oversight at the Financial Reporting Council, said: "We firmly believe that excellence in the working environment is essential to maintain and improve actuarial quality in the public interest, leading to better outcomes for customers and businesses alike."

The initiative is open to any organisation that employs IFoA members. 

To gain accreditation, the IFoA said organisations must demonstrate they maintain and apply high quality policies and procedures. An independent assessment team will undertake the evaluation process.