Actuarial firms, Accountants, Solicitors and other Professional Firms

A number of our clients are professional firms where the regulated activities they provide are incidental and are complementary to their mainstream (non-regulated) professional activities.

These clients are typically actuarial firms, accountants and solicitors. Such firms have three options with regard to regulated activities. They can either be:

  • A fully FCA authorised firm
  • An authorised professional firm i.e. authorised by the FCA for mainstream regulated advice e.g. advice to individuals, but otherwise regulated by their professional body for their non-mainstream regulated activities
  • An exempt professional firm i.e not an authorised firm under the Act, but licenced by their professional body (a Designated Professional Body) to provide a range of non-mainstream regulated activities

We have extensive experience of advising clients on the professional firms regime since it was established in December 2001.

This experience covers both authorised professional firms and exempt (DPB) regulated firms. The type of projects we work on includes:

  • Advising new businesses on the most effective and appropriate regulatory structure for their regulated activities
  • Reviewing existing firms' regulatory structures following changes in either regulatory or new business developments
  • Advising authorised professional firms on the practical implications of operating a dual regulatory regime
  • Advising exempt professional firms on ‘perimeter’ issues e.g. where activities may cross into mainstream activities or where FCA authorisation may be required
  • ad hoc technical support on the practical application of FCA or DPB rules on their organisation
  • carrying out annual compliance reviews for firms covered by DPB regulation where relevant in addition to any regular FCA monitoring undertaken
Investment Managers & Hedge Fund Managers

Actuarial firms, accountants, solicitors & other Professional Firms

Financial Advisers

Money Service Businesses
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