The Institute of Actuaries and the Faculty of Actuaries are the 2 professional bodies for UK actuaries.

While the Institute and Faculty of Actuaries have historically been separate institutions, working very closely together, they are currently undergoing a highly debated merger, proposed to take place during 2009. The Institute of Actuaries is the oldest actuarial professional body in the world.

In July 1884, the Institute of Actuaries was granted a Royal Charter. The Royal Charter confirmed the Institute’s role and the right to confer qualifications, i.e. the Fellow of the Institute of Actuaries (FIA). Since then there has been an underpinning concept of professional behaviour and the implicit right, or even duty, to discipline members who did not conduct themselves appropriately.

As with most UK professional bodies, The Actuarial profession represents members to the outside world and regulating members for the benefit of the outside world. These aims include:

* Regulation of members both in terms of an ethical code and enforcement of professional standards produced either by the Profession or the Board for Actuarial Standards
* The education of new candidates who wish to become actuaries and continuing professional development of existing actuaries
* Co-operation with government, business, regulators and other professions
* Innovation through research and debate, to expand the horizons of actuarial knowledge

In addition to examinations and courses, it is required that the candidate both complete at least three years work as an actuary and be at least 23 years of age, for one to qualify as a “Fellow of the Institute of Actuaries” (FIA)

In total there are approximately 15,700 members of the Institute of Actuaries.