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DPB – what does it mean for me?

DPB – what does it mean for me?. What is DPB?. DPB = Designated Professional Body ICAEW may grant a DPB licence to firms who carry out certain investment activities. What is investment business?. not easy to define what is the product and what is the activity?

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DPB – what does it mean for me?

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  1. DPB – what does it mean for me?

  2. What is DPB? DPB = Designated Professional Body ICAEW may grant a DPB licence to firms who carry out certain investment activities

  3. What is investment business? • not easy to define • what is the product and what is the activity? • DPB Handbook – Schedule 9 of Part 3 • icaew.com/financialservices

  4. Boundary issues DPB handbook • Unregulated activities – Schedule 4 of Part 3 • Exempt regulated activities (or NMRA) – Schedule 2 of Part 3 • Mainstream regulated activities – Schedule 1 of Part 3

  5. Examples of unregulated activities • Tax advisory work involving generic investment advice • Advising on availability of grants and helping with applications • Forecasts to support a loan application • Valuations • Providing a reference for mortgage application • Obtaining an unsecured overdraft

  6. Examples of exempt regulated activities • Introducing to permitted third parties • Assisting in the administration and performance of a contract of insurance • Advising • Dealing in investments as agent for a client • Safeguarding and administration

  7. Can my firm apply for a DPB licence? • Eligibility • Incidental and complementary services • PII • Insurance mediation - €1,120,200 per claim, €1,680,300 in total

  8. Introductions to third parties The introduction • How is the introduction made? • What is the introduction for? • Who is the introduction to?

  9. Introductions to third parties Introductory commission or fees • Unregulated activity – Code of Ethics section 240.7 • Regulated activity – DPB Handbook rule 4.15 • Account to the client • Obtain consent to retain • Treat as clients’ money until the client has given written consent

  10. Fee protection insurance • The firm is insured for its clients • The firm offers insurance to clients • The firm self-insures

  11. Fee protection insurance • Is the advice on the basis of a fair analysis • Para 4.16 • Suitable for client’s demands and needs • Para 4.17 • Provide a written demands and needs statement • Para 4.18

  12. Corporate finance Sale of body corporate exclusion • More than 50% shareholding • Acquisition or disposal of day to day control Schedule 5 of Part 3 of the DPB Handbook

  13. Status and other disclosures • Schedule 1 to Part 4 of DPB Handbook • Name and address of the firm • Not authorised by the Financial Services Authority • Nature of ERA and limited in scope • Firm is licensed by ICAEW • Insurance mediation activities Schedule 1 to Part 4 para 4.03b • Complaints procedure • Compensation arrangements

  14. Investment business compliance review • DPB annual compliance review • icaew.com/helpsheets

  15. Where can I get help? • icaew.com/financialservices • DPB helpline +44 (0)1908 546 370 • Financial Services Faculty (icaew.com/fsf) • Helpsheets (icaew.com/helpsheets)

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