Apply for a DPB licence

It is a criminal offence, under the Financial Services & Markets Act 2000, to provide advice on an investment or insurance contract without the proper authorisation either from the Financial Conduct Authority (FCA) or from a designated professional body

A designated professional body (DPB) licence allows an actuarial firm to provide some regulated activities without being subject to the full FCA regulation.

Our DPB regime offers a more focused approach to full FCA regulation which may be more appropriate for firms which are managed and controlled by members of the IFoA.

If an actuarial firm wishes to advise individuals, it must be regulated by the FCA. A firm can do this, either by being fully authorised by FCA for all classes of business; or by being jointly authorised by the Institute and Faculty of Actuaries (IFoA), for business clients, and the FCA for individual clients. This is known as being an approved professional firm.

You can find more about the type of work that can be performed by a firm with a DPB licence in the DPB Handbook.

How to become licensed

To become licensed, you must first complete the DPB licence application form and submit this to dpb@actuaries.org.uk

To be considered for a licence you must submit the following:

  • a certificate of compliance with the professional indemnity insurance requirements in the DPB handbook, issued by the insurance broker
  • compliance plan
  • business plan and latest accounts
  • two testimonials on behalf of each relevant person
  • copy of a standard engagement letter
  • complaints handling procedures.

If you are considering making an application, please note:

  • you may be asked to provide additional information
  • a licence may be granted subject to some conditions or only in respect of some activities
  • regulated activities should not be undertaken until we have confirmed to you that a licence has been granted.

Schedule of fees for licensing

The schedule of fees for licensing under the Financial Services and Markets Act 2000 is below

The DPB licensing year runs from 1 April to 31 March. Fees are payable in advance. Licences cannot be backdated and any late submission may result in a firm being unlicensed and unable to provide services.

The licence fee depends on the number of actuaries, the number of offices and the scope of business the firm wants to undertake.

Fees

Annual fee £
For each of the first 10 relevant persons:  1,459.00
For each of the next 10 relevant persons: 449.00
For each of the next 20 relevant persons: 178.00
For each relevant person thereafter: 101.00

For each office other than the principal office at which investment business is handled

730.00

Where a firm holds both an IMA licence and an EPF licence, an additional 25% of the basic fee is payable.

Where a firm requires either an IMA or an EPF licence, ony the basic fee is payable.

VAT is not payable on fees.

Licensed firms

Firms licensed by the IFoA acting as Designated Professional Body
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Apply for a DPB licence

Find out about license fees and application process
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Complaints against DPB firms

We investigate complaints about licensed firms

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DPB Handbook and Guide

The DPB Handbook details the rules for conducting Exempt Regulated Activities or Non Mainstream Regulated Activities
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DPB Licence

What can firms licensed by the DPB do?
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DPB board

Meet the Designated Professional Body (DPB) Board..
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Contact us

For more details, or to make an application or enquiry, please email or write to the DPB Manager. Institute and Faculty of Actuaries, 1 Lochrin Square, 92-94 Fountainbridge, Edinburgh EH3 9QA
+44 (0)131 240 1320

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