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What is Designated Professional Body mean?
According to the UK Financial Conduct Authority (FCA), a dedicated professional body is one designated by the Treasury under section 326 of the Act (Designation of professional bodies) for the purposes of the Act (Provision of Financial Services by Members of the Professions).
The following professional bodies have been designated in the Financial Services and Markets Act 2000 (Designated Professional Bodies) Order 2001 (SI 2001/1226), the Financial Services and Markets Act 2000 (Designated Professional Bodies) (Amendment) Order 2004 (SI 2004/3352) and the Financial Services and Markets Act 2000 (Designated Professional Bodies) (Amendment) Order 2006 (SI 2006/58):
The Law Society of England & Wales;The Law Society of Scotland;The Law Society of Northern Ireland;The Institute of Chartered Accountants in England and Wales;The Institute of Chartered Accountants of Scotland;The Institute of Chartered Accountants in Ireland;The Association of Chartered Certified Accountants;The Institute of Actuaries;The Council for Licensed Conveyancers; andThe Royal Institution of Chartered Surveyors.Under Section 325(4) of the FSMA, Designated Professional Bodies are required to cooperate with the FCA in a number of ways, including information sharing, in order for the FCA to be able to perform its functions.
referencePosted on 16 Dec 2024, this text provides information on Miscellaneous in Accounts and Finance related to Accounts and Finance. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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