Job Description
An exciting opportunity has arisen to Chair the Institute and Faculty of Actuaries’ (IFoA’s) Disciplinary Committee and be appointed as Lay member of the Regulatory Board.
We are seeking to appoint a proactive candidate with an interest in regulation and professional discipline to sit as both Chair of the Disciplinary Committee and as a Lay member of the Regulatory Board. Demonstrable experience of professional regulation and disciplinary proceedings at a senior level is required.
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, professionalism, competence and integrity.
The Disciplinary Committee oversees the management and operation of the IFoA’s Disciplinary Scheme. The main purpose of the Scheme is to protect the public by maintaining the standards of IFoA members.
Responsibilities of the Committee include: overseeing the operation of the Disciplinary Scheme; making Regulations to support the Scheme; setting guidance on relevant policies and procedures; setting timeframes for processes; monitoring feedback on the Scheme; and producing an Annual Report to the Regulatory Board.
The successful candidate will also sit on the IFoA’s independent Regulatory Board which 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 its disciplinary functions, standards setting, Practising Certificates system, and the public interest aspects of its admissions and examinations system).
The Disciplinary Committee Chair will be expected not only to provide a link between the Board and the Disciplinary Committee (which reports into the Board) but also to participate as a full and active member of the Board in relation to its whole remit.
Task Specification
The successful candidate is expected to;
- Chair Disciplinary Committee meetings and participate as a full member of Regulatory Board, including attending meetings and interim meetings;
- Be fully prepared for Committee and Board meetings, having read all papers prior to attendance;
- Be an active contributor at both Disciplinary Committee and Regulatory Board, offering insight, constructive comment/challenge and input at meetings as well as providing timely input on matters circulated between meetings;
- Bring an external perspective and challenge in the public interest to encourage a robust and transparent actuarial profession;
- Work collaboratively and respectfully with the Executive team on specific pieces of work for the Board and/or Committee, as required;
- Liaise with the Lay Convener of Disciplinary Tribunal Panels and the Lay Convener of Adjudication Panels to keep the practical operation of the Scheme under review;
- Report to the Board (and at a senior stakeholder level) on the strategic effectiveness of the Scheme.
This is a three-year office holder appointment, renewable for a further three years on a discretionary basis.
The Committee normally meets four times a year and the Board normally meets five times a year (including one strategy day). Committee meetings are held virtually, with the option of one in in person meeting per year. The Board meets virtually, with two in person meetings per year.
It is estimated that the time commitment will be approximately 25 to 30 days per year.
This office holder role attracts an honorarium of £600 per day plus travel expenses.
Please note that the role will be subject to a 6-month probation period which will include regular 1 to 1 meetings with the Chair of the Regulatory Board.
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 and Committees.
Candidates are asked to provide demonstrable experience in as many of the following areas as possible:
- significant experience of professional regulation and/or discipline;
- 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;
- good communication skills and a willingness to participate actively in discussions about regulatory strategy and policy;
- strong leadership and chairing skills;
- an understanding of the role of actuaries and the ethical issues affecting professionals;
- sound understanding of DEI issues;
- excellent verbal and written communication skills; and
- IT literate with strong computer skills.
How to Apply
To apply, please visit our website via the button below.
To apply, please email 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.
