The Financial Conduct Authority (“FCA”) will begin to introduce new seven digit Firm Refence Numbers (“FRN”) to firms applying to the regulator for authorisation. The FCA currently use a six-digit FRN to uniquely identify firms but the regulator has stated that it will likely reach the six-digit limit (999999) during 2023.
The FCA is planning a move to a seven-digit FRN for all newly registered firms. Firms that have previously been allocated a six-digit FRN will continue to use the FRN already assigned to it. Seven-digit numbers will start to be allocated for new applications and notifications once the six-digit range is exhausted.
There is currently no fixed date for when this will happen but the FCA have stated that they are on track to make the necessary changes to their internal systems in good time.