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.