July 26, 2023
The FCA announced in June last year that it would eventually be moving to seven-digit Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs). In early July the FCA informed the Association of Professional Compliance Consultants (APCC) that it would likely reach the six-digit limit (999999) for FRNs and (PRNs) sometime in July 2023, given the volume of applications and notifications it is receiving. The FCA has subsequently confirmed that the first seven-digit FRN was issued on 18th July.
- The FCA uses FRNs to uniquely identify firms, and PRNs to uniquely identify funds.
- Firms that already have a six-digit FRN or PRN will keep that number. They will not change.
- Seven-digit numbers are now being allocated for new applications and notifications, as the six-digit range is now exhausted.
- The number 999999 was not allocated to either a firm or a fund to avoid potential systems issues for firms; it is likely that the number was allocated to a non-public record that will not be published.