Establishment of The Institute of Actuaries
The actuaries of a number of life assurance companies established the Institute of Actuaries in London on the 8th of July 1848. The Institute of Actuaries was the oldest actuarial professional body in the world.
In July 1884, the Institute of Actuaries was granted a Royal Charter. The Royal Charter confirmed the Institute's role and the right to confer qualifications, i.e. the Fellow of the Institute of Actuaries (FIA). Since then there has been an underpinning concept of professional behaviour and the implicit right, or even duty, to discipline members who did not conduct themselves appropriately.
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