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Here is another option:

hexToRGB =
  RGBColor[ FromDigits[#, 16]/255 & /@ StringTake[#, {{2, 3}, {4, 5}, {6, 7}}] ] &;

hexToRGB@"#FF8c00" // ColorSetter

And another:

hexToRGB =
  RGBColor[ FromDigits[#, 16]/255 & /@ StringCases[#, Except["#"] ~~ _] ] &;