Terms of reference
DPB members and terms of reference
- Graham Farren (Chair)
- Steven Barrow (lay member)
- Brenda Hindley (lay member)
- Malcolm Lee
- Lindsey Macgregor
- Colin Mayger
- James Smith
- Secretary: Jenny Conway
Terms of reference
General
The overall responsibility is to act on behalf of the Management Board to meet the Institute and Faculty of Actuaries' responsibilities as a Designated Professional Body (DPB) under Part XX of the Financial Services and Markets Act 2000. As such it is responsible to the Management Board; but for day-to-day co-ordination of professional issues it is to work with the professional regulation executive committee.
Specific
- To liaise with officials of the FCA, HMT and other regulatory bodies in order to keep abreast of current affairs and developments within the financial services industry which may affect the Institute and Faculty's role as a DPB.
- To keep under review the scope and adequacy of the Institute and Faculty's DPB Handbook.
- To ensure that the Institute and Faculty of Actuaries' Bye-laws, Professional Guidance and DPB Handbook, taken together, provide an adequate basis for investor protection within the scope of the Institute and Faculty of Actuaries' powers as a Designated Professional Body.
- To determine applications for the issue of DPB licences and exercise powers of discretion regarding suspension, renewal and withdrawal thereof.
- To be responsible, not least by clear and regular communication with firms, for ensuring that licensed firms comply with FCA's Principles and the Institute and Faculty of Actuaries' DPB Handbook.
- To investigate complaints, to appoint an investigation team, to refer any matters to the DPB Tribunal, to impose disciplinary measures, or exercise powers of intervention, as provided in the DPB Handbook.
- To monitor costs, review the fee structure, and account for fees receivable from firms.