keep The Partnerships (Unrestricted Size) No. 15 Regulations 2000
A deregulatory instrument permitting actuaries to form partnerships of unrestricted size for carrying on actuarial practice. It exempts such partnerships from Section 716(1) of the Companies Act 1985's prohibition on large partnerships, provided the majority of partners are Fellows of the Institute/Faculty of Actuaries or full actuary members of listed associations. Also revokes the earlier Partnerships (Unrestricted Size) No. 11 Regulations 1996.
This regulation removes an arbitrary restriction on how actuaries may structure their professional partnerships. Allowing unrestricted partnership size for qualified actuaries increases their competitive ability, enables economies of scale, and benefits clients through larger, more capable firms. Britons are worse off without it because actuaries would face unnecessary organizational constraints compared to other professions, reducing efficiency and limiting the scale of British actuarial expertise that can compete globally. The regulation imposes no burden on the public—its only effect is to free a qualified profession from a paternalistic constraint on business organization.