FCA to Make Changes to FRNs and PRNs

The FCA currently uses six-digit Firm Reference Numbers (FRNs) to uniquely identify firms, and six-digit Product Reference Numbers (PRNs) to uniquely identify funds.

Given the volume of applications and notifications it receives, the six-digit limit (999999) is likely to be reached sometime in 2023. As such, the FCA is planning to move to seven-digit FRNs and PRNs for all newly registered firms and funds. Firms who have previously been allocated a six-digit FRN or PRN will keep their existing numbers.

Seven-digit numbers will start to be allocated for new applications and notifications once the six-digit range is exhausted. The FCA hasn’t fixed a date for when this will happen but says that it is on track to make the necessary changes to its internal systems in good time.

About the author

Steve has over 15 years of experience in retail general insurance, including influential roles at Hallmarque Assistance Ltd, Endsleigh and more recently as Compliance Director for Premium Choice Ltd, a large independent insurance broker.

Steve is Head of Compliance at RWA and is responsible for the day to day needs of some of RWA’s larger clients nationwide, often working with RWA’s senior team on larger more complex projects such as those involving remedial works, auditing of standards, developing compliance frameworks and providing project assurance, particularly when subject to FCA scrutiny.

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