High Quality Content by WIKIPEDIA articles! The Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom. The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the Institute who took part in a ballot voted to merge the Institute with the Faculty of Actuaries, thus creating the Institute and Faculty of Actuaries which came into being on 1 August 2010, superseding the Institute of Actuaries which ceased to exist on that date.