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UK actuarial bodies agree to merge

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  • UK actuarial bodies agree to merge

UK - The Faculty of Actuaries in Scotland and the Institute of Actuaries are to join together to form the Institute and Faculty of Actuaries after members voted in favour of a resolution supporting the merger.

Of those Faculty members who took part in the vote, 82.9% voted in favour of the resolution, while 82.5% of the voting Institute members backed the resolution.

"Our members have given us a mandate to continue creating a dynamic, professional and relevant member services organisation," said Nigel Masters, president of the Institute. "A merged profession will, in our opinion, be more democratic, open, efficient, and will have clearer leadership."

Representing more than 21,000 members around the globe, the formation of the Institute and Faculty of Actuaries is subject to the approval of a new Royal Charter by the Privy Council.

The first president of the Institute and Faculty of Actuaries will be Ronnie Bowie, fellow of the Faculty of Actuaries, while Jane Curtis, fellow of the Institute of Actuaries, will be the first president elect.

The votes took place at separate special general meetings in Edinburgh and London on 25 May 2010. The Faculty requires a majority of two-thirds (644 votes) of those who voted to carry the resolution, whereas the Institute needs a majority of three-fourths (3,490). The outcome of the votes to form the Institute and Faculty of Actuaries was:

                                                                  Faculty        Institute
Number of votes issued                               1,591            8,925
Number of votes cast                                      966            4,653
Number of votes cast for                                 801            3,838
Number of votes cast against                         165                815
Threshold (required number of votes cast)     644            3,490

However this is the second time members of the actuarial profession have voted on a planner merger, after the initial vote in July 2009 resulted in the Institute of Actuaries not reaching the required level of suppoort of 75%. (See earlier IPE article: Actuarial vote falls short for merger plan)

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