Merged actuaries to target new sectors

BRITAIN'S actuaries plan to step up government lobbying and promote their services to new sectors following approval for the merger of their professional bodies operating in Scotland and England.

Almost 83 per cent of members voting in the poll that closed Tuesday night were in favour of combining Scotland's Faculty of Actuaries with the Institute of Actuaries headquartered in London.

The new Institute and Faculty of Actuaries – to be formed in the wake of a failed attempt at a similar tie-up last year – is expected to be operational by the end of September.

Ronnie Bowie, president of the faculty, will be the first president of the merged body. Yesterday, he said he was "elated" with the result, and somewhat surprised at the high proportion of Yes votes.

"Both were over 82 per cent," Bowie said of the balloting of institute and faculty members. "To get 82 per cent to come out in favour of anything in any election, well, that is strong, and that gives us a real mandate."

Bowie said the merged body would invest more in supporting its 21,000 members, and would also spend more time "getting our message" to government and financial regulators.

He said the organisation would promote the benefits of the actuarial profession to industries that haven't traditionally used its services, such as the energy and utility sectors.

The merger had been opposed by Edinburgh-based Fidelis, which wanted to maintain the independence of the 154-year-old Faculty of Actuaries.

Ronnie Sloan, Fidelis spokesman, said it was a "sad day" for the faculty, but added that Fidelis would not make any further attempts to stop the merger.