What can firms licensed by the DPB do?

There are three types of licence issued by the DPB

What can firms licensed by the DPB do?

EPF licence and Insurance IMA licence

A DPB licensed firm can provide advice on investments (an Exempt Professional Firm (EPF) licence) and insurance mediation (an Insurance Mediation Activity (IMA) licence) to business clients only, where the business is incidental to their core professional practice. For example, this might include providing advice to trustees of pension schemes and employers.

Authorised Professional Firm (APF) licence

If your firm recommends the purchase of specific investments (eg pensions, listed company shares) or approves financial promotions or gives advice to individuals, they will need a licence from the Financial Conduct Authority either in the form of a full FCA licence or an APF licence from the IFoA.

All firms licenced by the IFoA as a DPB must hold a minimum level of professional indemnity insurance.

For more details, please view sections 6.18 to 6.30 in the DPB Handbook.