Regulatory Board Lay Member
An exciting opportunity has arisen to be appointed as a lay member of the Regulatory Board of the Institute and Faculty of Actuaries (IFoA).
We are seeking to appoint a proactive and innovative candidate with an interest in regulation and a background in, or an understanding of, the financial businesses and markets in which actuaries work.
The IFoA is an international body with a worldwide membership of around 35,500 members of which nearly half are student members. 46% of its members overall and 63% of its student members are based outside the UK and increasingly actuarial practice is international.
We oversee their education at all stages of qualification and development throughout their careers. By joining the IFoA, members are making a personal commitment to high standards of education, competence and integrity.
Regulatory Board
The Regulatory Board is responsible for giving effect to the IFoA’s public interest regulatory responsibilities under its Royal Charter, through oversight of the regulatory functions of the IFoA including: standards setting relating to professional conduct and competence, disciplinary functions, operation of the Practising Certificates system, and the public interest regulatory aspects of the examination and admissions system.
The Board has a significant role in overseeing the IFoA’s public interest regulatory functions in both a UK and international context. Further detail can be found in the Regulatory Board’s Terms of Reference.
Task Specification
This is a three year office holder appointment, renewable for a further three years on a discretionary basis. All appointments and renewals are made by the Regulatory Appointments Committee.
The Board normally meets five times a year. The Board meets virtually, with currently two in person meetings per year. It is estimated that the time commitment will be approximately 12 days per year.
This office holder role attracts an honorarium of £350 per day plus travel expenses.
“Person” Specification
The IFoA encourages applicants from a variety of backgrounds and experience and welcomes diversity with regard not only to protected characteristics but also diversity of thought on its boards.
Candidates should have:
• a good understanding and appreciation of the concept of the public interest;
• an ability to think strategically and to exercise good, independent judgement;
• an understanding of the importance of good governance;
• the ability to critically challenge decisions while retaining a willingness to listen to and acknowledge other viewpoints; and
• good communication skills and a willingness to participate actively in discussions about regulatory strategy and policy.
Ideally, candidates will also have:
• an understanding of ethical issues affecting professions;
• an understanding of the role of actuaries;
• an understanding of the role of risk management;
• an understanding of the challenges facing professions in a global environment;
• an understanding of professional regulatory structures; and
• an understanding and insight into the perspective of the users of actuarial work.
How to Apply
Please read the full job description, which is available on https://actuaries.org.uk/ifoa-jobs/regulatory-board-lay-member/
To apply, please email hrsupport@actuaries.org.uk providing the following information by the closing date of 20 January 2025:
• Your CV and full contact details
• A cover letter (maximum 500 words) with a synopsis of your relevant background and experience, a note of your reasons for wishing to take on this role, and an overview of what you feel you could bring to this role.
All applications will be considered and a short list of candidates will be invited to a competency based interview.