Section 1274(3)

In subsection (5) (definitions) at the appropriate places insert— “professional actuarial body” means— and the “members” of a professional actuarial body include persons who, although not members of the body, are subject to its rules in performing actuarial functions; the Institute of Actuaries, or the Faculty of Actuaries in Scotland, “regulatory functions”, in relation to professional actuarial bodies, means any of the following— investigatory or disciplinary functions exercised by such bodies in relation to the performance by their members of actuarial functions, the setting by such bodies of standards in relation to the performance by their members of actuarial functions, and the determining by such bodies of requirements in relation to the education and training of their members;

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Source: legislation.gov.uk · retrieved 2026-09-04