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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 for 2016

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.

Contact Details

For more details, or to make an application or enquiry, please email or write to the DPB Manager

dpb@actuaries.org.uk

DPB Manager, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA

+44 (0) 131 255 0826

Filter or search events

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E.g., 23/09/2020
End date
E.g., 23/09/2020

Events calendar

  • Asia Conference Webinar Series

    Webinars
    7 September 2020 - 25 September 2020

    Spaces available

    There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia.  The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.

    This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.

     

  • Spaces available

    This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements. 

    The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise.  In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities. 

  • Spaces available

    16.00-17.00 GMT+8

    Consumer expectations are changing Insurance. The Royal Commission in Australia, Design Obligations in the UK, the insurtech ecosystem, and digital-first consumers demanding personalised solutions will all revolutionise how insurance looks like in the future.

  • Spaces available

    12.00-13.00 GMT+8

    This presenter / panel workshop hybrid will be anchored by two presentations examining the socioeconomic, medical and technological factors that will have a significant impact on mortality and our pricing over the next 20 years and beyond. It will also discuss whether significant mortality improvement will continue in Asia or whether varying experience of low improvements or deterioration. 

  • Spaces available

    12.00-13.00 GMT+8

    This presentation aims to provides an overview of the reformation of current Chinese regulatory solvency regime, how industry coping with the new normal after pandemic time and how the reformation of the regulation could help the insurance industry gets back on its feet as well as coming back to the “protection” core value for the policyholders. The presentation would include:

  • Spaces available

    16.00-17.00 (GMT+8) | 09.00-10.00 (BST)

    The basic data of China’s 2nd Critical Illness Mortality Table covers 2000+ products in Chinese market, including about 340 million insurance policies and 5.1 million claimants. Presenter will give the audience a general understanding including but not limited to the following contents:

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.