designated professional body


Also found in: Acronyms.

designated professional body

A professional body designated by the UK Treasury under the Financial Services and Markets Act 2000. 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, without having to obtain direct authorisation from the Financial Services Authority, provided those activities are incidental to the core business activities of the firm. The regulated activities in this limited range are known as exempt regulated activities.

Examples
Law Society of England and Wales, the Law Society of Scotland, 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.
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