The FCA has announced the name of its new data platform, RegData, which replaces Gabriel. The regulator is now preparing to gradually move firms across to the new platform.
Firms and their users will be moved to RegData in groups to minimise the impact this has on them.
The FCA says: “Firms will not be able to access RegData until they and their users’ data have been moved from Gabriel. We’ll email firms’ principal user and associated users 3 weeks before their moving date, with reminders 5 days and 1 day to go. Compliance consultants will receive reminders for every firm their user account is currently associated with in Gabriel.”
What are the key actions for firms?
Before their moving date, firms should check they have:
- up-to-date contact details in Gabriel
- nominated the correct principal user and assigned administrator rights correctly in Gabriel
- accurate information in Gabriel about all other active users – with any non-active users disabled
Gabriel should continue to be used, with existing login details, until a firm has been moved to the new platform. Any users that haven’t registered yet will still be able to do so when they next log in to Gabriel. There will be no change to the way firms currently provide data to the FCA.
How is RegData different to Gabriel?
The FCA states that the platform will look similar to Gabriel, but with some improvements.
Feedback gathered from Gabriel users last year highlighted three main areas for improvement which were:
- accessing Gabriel, particularly the speed of the system and getting support
- viewing Gabriel reporting schedules, especially the need to improve the schedule layout and submission history
- submitting data and the importance of guidance and data validation
RegData is expected to be faster and more accessible, able to send notifications for multiple users and the reporting schedules will be more user friendly. It will save a user’s progress in data items automatically every 2 minutes, and there will be help text throughout the platform.
The FCA says it will keep firms regularly updated on developments via its website and other communications channels. Any actions firms need to take will be set out well in advance, and firms and other Gabriel users will continue to be involved in its plans for delivering and optimising RegData.
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