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.
How to become licensed
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.
|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
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.
For more details, or to make an application or enquiry, please email or write to the DPB Manager
DPB Manager, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA
Filter or search events
Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
This session will examine the megatrends and themes driving the Future of Work across the Financial Services industry, and how Covid-19 has accelerated new future work priorities with a particular focus on hybrid work and leadership mindset and capabilities.
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.