Context
The FCA has published a news story advising that it is planning a move to seven-digit Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs) for newly registered firms and funds.
Key points to note
- Firms that have previously been allocated six-digit FRNs and PRNs will keep their existing numbers.
- The FCA is likely to reach the six-digit limit (999999) during 2023, given the volume of applications and notifications it receives.
- Seven-digit numbers will start to be allocated during for new applications and notifications once the six-digit range is exhausted.
- The FCA has not fixed a date for when this will happen but is on track to make the necessary changes to its internal systems in good time.
Next actions
None – for information and awareness