Financial Conduct Authority  

FCA to change to 7-digit numbers on register

FCA to change to 7-digit numbers on register
 

The Financial Conduct Authority is going to start to allocate seven-digit numbers for firm reference numbers and product reference numbers for newly registered funds and companies.

In an update yesterday (June 23), the FCA said it has been using six-digit FRNs to identify firms and the same number for PRNs to identify funds.

However, it is going to reach the six-digit limit (999999) during 2023 as a result of the volume of applications and notifications it receives.

The City watchdog is therefore planning a move to seven-digit FRNs and PRNs for all newly registered firms and funds. 

Firms that have previously been allocated a six-digit FRN or PRN will keep that number and instead, seven-digit numbers will start to be allocated for new applications and notifications once the six-digit range is exhausted.

It said: “We haven’t fixed a date for when this will happen but we’re on track to make the necessary changes to our internal systems in good time.”

This comes as the FCA issued a strategy update on June 23, in which it said it is using data to tackle online fraud faster by scanning approximately 100,000 websites created every day to identify those that are scams.

The FCA said where it identifies fraudulent websites, it is proactive in requesting the website host shut them down, though it does not have the powers to force them to. 

Between May 2021 and April 2022, the FCA added 1,966 possible scams to its consumer warning list – over a third more than during the same period the previous year. 

sonia.rach@ft.com

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