Firm Reference Numbers (FRNs) will likely reach the six-digit limit this year. Therefore, the Financial Conduct Authority (FCA) will soon use seven digits for newly registered firms.
Organisations are being advised to implement system updates for the longer numbers to ensure day-to-day operations are not impacted and that they can process these correctly. If financial services systems can't process seven-digit FRNs, they will either fail to process transactions or potentially – just as seriously – use incorrect, truncated FRNs.
We have been working through more than 20 affected Standards to support customers making these essential changes, and we are pleased to announce that these have now all been amended and are ready for organisations to implement. We also took the opportunity to add optional support for reference numbers from regulatory bodies other than the FCA (for example, offshore jurisdictions) and an optional test indicator that identifies if the reference number is for test purposes.
The following Standards have been updated:
- Quotes Protection v3.11 PB 2; New Business Protection v3.11 PB 2;
- Quotes Annuities v3.11 PB 1;
- New Business Annuities v2.4 PB1;
- Quotes Group Pensions v3.10 PB 1; New Business Group Pensions v3.10 PB 1;
- Quotes Individual Pensions v3.10 PB 1; New Business Individual Pensions v3.10 PB1;
- Quotes Bonds v3.9 PB 1; New Business Bonds v3.9 PB 1;
- Quotes Endowments v3.9 PB 1; New Business Endowments v3.9 PB 1;
- NB Collective Investments v3.9 PB 1;
- FIT Data Patterns v3.3 PB1;
- Contract Enquiry Bonds Valuation v2.3 PB 1;
- Contract Enquiry Pensions Valuation v2.5 PB 1;
- Contract Enquiry Collective Investments Valuation v1.5 PB 1;
- Provide Contract Valuation (Wraps) v1.4 PB1.
- Contract Enquiry Transaction History Bonds v2.4 PB1;
- Contract Enquiry Transaction History Endowment v2.4 PB1;
- Contract Enquiry Transaction History Pension v2.4 PB1;