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30th November 2015
It's time for actuarial professionals to review the merits and demerits of membership.
Given the rising stakes of regulation, it's time for actuarial professionals to review the merits and demerits of membership of the Institute and Faculty of Actuaries (IFoA).
This year, a complaint against two actuaries cost them an eye-watering £750,000 for behaviour that breached IFoA standards, despite it being acknowledged that they tried to act "in the client's best interests". This year, the IFoA also restated its intention to expand the scope of its standards.
The IFoA argues that higher, broader standards raise actuaries' value. But one person's extra standard is another person's extra cost. Some employers have stated that broader standards lower actuaries' value, making them less employable. One floated the idea of a new professional body for non-life actuaries.
Concurrent to all of this: trained actuaries find their skills used in an increasing range of non-traditional areas, with firms that require their experience and expertise, but not their certification. The most prolific winner of IFoA prizes and medals was, until recently, a student.
As the downsides of remaining regulated rise, the choice of whether to remain so will come more sharply into focus. There should be a broad consideration of these issues by regulators, recruiters and employers
This year, a complaint against two actuaries cost them an eye-watering £750,000 for behaviour that breached IFoA standards, despite it being acknowledged that they tried to act "in the client's best interests". This year, the IFoA also restated its intention to expand the scope of its standards.
The IFoA argues that higher, broader standards raise actuaries' value. But one person's extra standard is another person's extra cost. Some employers have stated that broader standards lower actuaries' value, making them less employable. One floated the idea of a new professional body for non-life actuaries.
Concurrent to all of this: trained actuaries find their skills used in an increasing range of non-traditional areas, with firms that require their experience and expertise, but not their certification. The most prolific winner of IFoA prizes and medals was, until recently, a student.
As the downsides of remaining regulated rise, the choice of whether to remain so will come more sharply into focus. There should be a broad consideration of these issues by regulators, recruiters and employers
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