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

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

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.