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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

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

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.