Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Designated Professional Body definition

What does Designated Professional Body mean? In financial services regulation, a designated professional body is a professional regulator (for example, a law society, bar council or accountancy body) whose members may carry on limited, incidental investment or insurance-related activities without full financial services authorisation, because the body has been formally designated and oversees those activities. In the UK, the term is defined in legislation under the Financial Services and Markets Act 2000 (FSMA), with designation made by HM Treasury. Members regulated by a designated professional body can act as “exempt professional firms” for specified, ancillary regulated activities (such as giving incidental investment advice or arranging transactions) provided...

UK Designated Professional Bodies (DPBs) under FSMA 2000: scope, exemptions for exempt professional firms, prohibited activities, insurance distribution registration, disclosure requirements, and AML/CTF supervision reforms

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

This Practice Note explores the function of designated professional bodies (DPBs)—covering solicitors, accountants, actuaries, licensed conveyancers and chartered surveyors—as provided in Part 20 of the Financial Services and Markets Act 2000 (FSMA 2000). DPBs supervise and regulate Members of these professions, who are regarded as Exempt professional firms (EFPs) under FSMA 2000, s 327. It outlines:

the criteria a professional body must meet to be treated as a DPB;
the exemptions that apply to members of these professions; and
the disclosures such firms must make to the public.

What is a Designated Professional Body?

A Designated Professional Body is a body that regulates and oversees members of the professions listed above, who are EFPs under FSMA 2000, s 327. An exempt professional firm is a person to whom the general prohibition does not apply. A person must not carry on a regulated activity in the UK, or hold themselves out as doing so, unless authorised or exempt. This is known in UK financial services as the general prohibition. For more information on the general...

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Web page updated on 21/05/2026

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