What Is a DPB Licence? Definition & ICAEW Requirements

What is a DPB (Designated Professional Body) licence?

Category: ICAEW & RQ

A DPB (Designated Professional Body) licence is a licence issued by ICAEW that accountancy firms need in order to refer clients to regulated financial services firms, such as independent financial advisers or mortgage brokers, without requiring full FCA authorisation. It sets out the conditions under which these referrals can be made compliantly, covering consent, disclosure, and record-keeping obligations. **What it allows:** Under the Financial Services and Markets Act 2000, accountancy firms regulated by ICAEW can obtain a DPB licence to provide limited investment services that are incidental to their main professional work. This includes: - Advising clients on investments as part of wider services - Arranging deals in investments - Making introductions to regulated firms **Who needs one:** Any ICAEW-regulated accountancy firm that refers clients to authorised financial services firms needs to hold a DPB licence to do so compliantly. **Compliance obligations:** Firms with DPB licences must comply with specific conduct rules, including: - Proper record-keeping of investment-related activities - Disclosure of any commercial arrangements - Due diligence on firms they introduce clients to - Training and competence requirements **How RQ helps:** RQ was designed with DPB compliance in mind, providing: - Audit trails for all referral activity - Consent and disclosure capture - Due diligence documentation - Complete records for regulatory review ICAEW members with DPB licences can use RQ to demonstrate they have proper processes in place for managing referrals and introductions to other regulated firms. For a comprehensive overview, read the <a href="/resources/guides/what-is-dpb-licence" class="text-[#0073cc] hover:underline">complete DPB licence guide for accountants</a>.