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United Kingdom
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Harper McleodAccess all documents on Exempt professional firms register
Exempt professional firms register meaning
Published by a LexisNexis Financial Services expert
What does Exempt professional firms register mean?
A publicly accessible FCA record listing professional firms (for example, solicitors’ and accountancy practices) that rely on the Part XX FSMA 2000 exemption to carry on limited regulated activities—typically incidental insurance distribution (formerly “insurance mediation”) and certain investment business—without FCA authorisation.
The expression is descriptive. The underlying public record is maintained under FSMA 2000 (including section 347) and FCA rules (PROF) and is commonly referred to as the Exempt Professional Firms register. An entry indicates the firm’s designated professional body (DPB) membership (such as the SRA, Law Society of Scotland, Bar Council or ICAEW) and that any regulated activity is incidental to its professional services and within DPB-permitted scope.
Practitioners use the register to verify EPF status, DPB oversight, scope notes and to check regulatory coverage when appointing advisers or arranging insurance.
Across England & Wales, Scotland and Northern Ireland the regime is aligned under FSMA: the FCA publishes EPF details on its public record alongside the Financial Services Register for authorised firms. In Ireland, there is no equivalent Part XX exemption or register; professionals must be authorised or registered with the Central Bank of Ireland (for example, as insurance or ancillary insurance intermediaries) to undertake comparable activities.
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View the related UK Parliament Acts about Exempt professional firms register
UK PARLIAMENT ACTS
331 Procedure on making or varying orders under section 329
(1) If the [FCA] proposes to make an order under section 329, it must give the person concerned a warning notice.(2) The warning notice must set out the terms of the proposed order.(3) If the [FCA] decides to make an order under section 329, it must give the person concerned a decision notice.(4) The decision notice must—(a) name the person to whom the order applies;(b) set out the terms of the order; and(c) be given to the person named in the order.(5) Subsections (6) to (8) apply to
UK PARLIAMENT ACTS
325 [FCA's] general duty
325 [FCA's] general duty(1) The [FCA] must keep itself informed about—(a) the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by members of the professions in relation to which they are established;(b) the way in which such members are carrying on exempt regulated activities.(2) In this Part—“exempt regulated activities” means regulated activities which may, as a result of this Part, be carried on by members of a profession which is supervised and regulated by a designated
UK PARLIAMENT ACTS
326 Designation of professional bodies
(1) The Treasury may by order designate bodies for the purposes of this Part.(2) A body designated under subsection (1) is referred to in this Part as a designated professional body.(3) The Treasury may designate a body under subsection (1) only if they are satisfied that—(a) the basic condition, and(b) one or more of the additional conditions,are met in relation to it.(4) The basic condition is that the body has rules applicable to the carrying on by members of the profession in relation to which it is established of regulated activities which, if
