The Property Practitioners Regulatory Authority (PPRA) has announced a numbering change to all new Fidelity Fund Certificates (FFCs), taking effect from the end of January – but it’s the change underlying this seemingly small tweak that gets our attention
Instead of the 10- or 11-digit FFC numbers issued previously, all new FFCs will come with a 15-digit number.
The industry body has not yet announced whether existing FFC holders will have their numbers changed.
Why is the PPRA changing FFC numbers?
While the change might not sound very big, important or impactful, it is happening for a very important reason: Since the Property Practitioners Act No. 22 of 2019, the PPRA has been charged with regulating 12 separate professions within the property industry.
Until late last year, only estate agents and attorney employees were issued with FFCs, but since late last year the PPRA has been expanding FFC registration to all property practitioner subcategories, with the goal of getting all of them onto the system by April 2024. Managing agents were able to apply for FFCs from December 2023, and developers and business brokers are due to be added next.
By moving to 15-digit FFC numbers, the PPRA will be able to onboard many more property practitioners.