designated professional body
- designated professional body
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A professional body designated by the Treasury under the Financial Services and Markets Act 2000. Such bodies include the Law Society (England and Wales), the Institute of Chartered Accountants in England and Wales, the Association of Chartered Certified Accountants, the Institute of Actuaries, The Council for Licensed Conveyancer and the Royal Institution of Chartered Surveyors. DPBs replaced Recognised Professional Bodies (RPBs) under the previous financial services regime. Member firms of a DPB may carry out a limited range of regulated activities (regulated activity), without having to obtain direct authorisation from the Financial Services Authority, provided those activities are incidental to the core business activities of the firm. This limited range of regulated activities is known as exempt regulated activities (exempt regulated activity).
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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