The IFoA is seeking a revised relationship with the AAE for reasons including to do with the UK no longer being in the European Union, and a legal challenge in the UK that, according to the IFoA, would mean it could not participate in a mutual recognition agreement (MRA) with the AAE.
An MRA is a reciprocal agreement that recognises the participating actuarial bodies’ professional qualifications. The legal challenge in question is that the IFoA is awarding its UK fellowship qualification to European actuaries who in some cases qualified up to a lower level via their domestic qualification.
