Actuaries calculate one is better than two

Published on Wednesday 27 February 2008 20:46

THEIR members are required to pass some of the toughest examinations of any profession, yet the image is far removed from the thrills and spills associated with medicine or law.

Now, Britain's two actuarial bodies, which between them have more than 18,000 "fellows", have outlined plans to merge as they attempt to shake off their staid reputation and streamline the profession's governance.

Scotland's Faculty of Actuaries and its counterpart south of the Border, the Institute of Actuaries, plan to poll members on the proposals in June. If successful, a second vote will take place next year to accept formally a new Royal charter.

Stewart Ritchie, president of the Scottish faculty, said the tie-up was the "natural extension of a coming together that has been happening gradually over the past 20 years or so".

He added that concerns expressed during a consultation phase had been "met head on" in the merger proposal, including the setting up of a Scottish council "to ensure that the Scottish end of a merged profession is vibrant".

The Scottish body was formed in 1856 after breaking away from the then UK-wide Institute, founded eight years earlier. One of the main reasons for the split was the length of time needed to travel between Scotland and London during the period, and the high costs involved.

Ritchie said it would be "crazy to have two bodies if you were starting with a clean sheet of paper", given the relatively small sizes of the organisations. Their combined membership is roughly equal to the size of the Institute of Chartered Accountants in Scotland.