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Monday, January 29, 2024

FCA to re-jig FRNs as numbers run low

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The FCA is to overtake its Agency Reference Numbers (FRNs) after revealing that it could run out of the six digit numbers in 2023.

All authorised corporations are required to have an FRN, a singular identifier.

FRNs are at present composed of six digits however the variety of these distinctive numbers is near working out as so many have been used.

Almost 1m six digit FRNs have been used.

The FCA mentioned this week it will transfer to seven digit FRNs, from the present six digit numbers, to allow a bigger variety of numbers for use.

The regulator mentioned the change would apply solely to newly authorised corporations. Current corporations will retain their six digit FRNs.

The brand new seven digit FRNs would apply after the six digit FRNs are exhausted.

The FCA mentioned the change would apply to each six-digit Agency reference Numbers (FRNs) and six-digit Product Reference Numbers (PRNs) which assist to uniquely establish funds. 

The FCA mentioned: “We’re more likely to attain the six-digit restrict (999999) throughout 2023, given the amount of purposes and notifications we obtain.

“We’re planning a transfer to seven-digit FRNs and PRNs for all newly registered corporations and funds. Corporations which have beforehand been allotted a six-digit FRN or PRN will hold that quantity. They gained’t change. Seven-digit numbers will begin to be allotted for brand new purposes and notifications as soon as our six-digit vary is exhausted.

“We haven’t fastened a date for when this can occur however we’re on observe to make the mandatory adjustments to our inner programs in good time.”

The watchdog says that an utility for authorisation can take as much as six months if the appliance is full however might take as much as 12 months if the appliance shouldn’t be full. All corporations must pay an utility charge.




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