The scheme arrives after a consultation held by IFoA, which was welcomed by the Financial Reporting Council (FRC).

The Actuarial Monitoring Scheme (AMS) is designed to provide meaningful feedback to members and their employers, provide evidence of the quality of actuarial work, and promote best practice through the introduction of regular thematic reviews and data gathering activities.

Stephen Haddrill, FRC chief executive, said: “We welcome the IFoA’s new monitoring scheme which will provide insight into the quality of actuarial work and the effectiveness of actuarial standards. By promoting best practice and the importance of actuarial work the new scheme is a positive step for the actuarial profession.”