Edwin Sheaf, Practitioner Member of Regulatory Board, writes on why the shape of the IFoA’s Practising Certificates (PC) Scheme is something that should interest all members.
I first applied for a PC back in 1997, when the PC scheme was first introduced, and have held one ever since. It was a slightly daunting experience at the time, not least because it was a completely new concept so none of us really knew what was required or what the profession was looking for from applicants.
In response to feedback received from members and current PC holders, we undertook a review of the IFoA’s approach to and process for the PC Scheme.
This is the first substantive review of the PC Scheme since 2010 and we hope it shows members that the IFoA is listening and dedicated to making effective changes reflecting the needs of a changing actuarial profession.
The review included discussions with current and prospective PC holders, input from key relevant regulators, and testing some outline proposals with different groups. This identified a number of issues which are reflected in the proposals listed below.
IFoA has developed proposals to make the PC Scheme as fair, effective, proportionate and user-friendly as possible.
The proposals we arrived at are:
The PC Scheme provides assurance that senior actuaries have an appropriate level of skills and experience to be fit for these highly responsible, public-interest roles.
We want to hear from all members – current PC Holders, members who may one day hold a PC, members who work with PC Holders and members who have insights into the needs of industry – as to whether our proposals will provide an improved service, enforcing sufficient rigour without disproportionate burden, to be a positive contribution to the future of our profession. This is all of our business!
