IoA president says merger with FoA key challenge

Making his first presidential address at the Institute’s annual general meeting, in London last night, Masters said globalisation and the changing role of the actuary were his other key concerns.

He said: "We have reached a tipping point as the nature of the UK profession and the work of its members changes. The Institute and the wider UK profession have been through a long period of renewal, but it is in good shape to succeed in the rapidly evolving commercial environment."

Masters – a supporter of the merger – said it was a natural culmination of "a renewed and strengthened actuarial profession in the UK, ready to prosper and flourish in the new commercial and global environment of the 21st century".

"The merger is a genuine opportunity to create sustainable positive momentum which should not be missed," he added.