FCA Announces New Changes to Regulatory Reporting

In July 2019, the FCA reported that they were in the early stages of creating an easy-to-use and efficient platform to replace Gabriel and asked for feedback from current users.

A little over a year on, they have announced a date for the first firms to be moved over to the new data collection system.

From the weekend of the 17th/18th of October, the first group of firms will begin completing their regulatory reporting using RegData. The move of this initial group marks the start of a phased transition of users, to the new platform, based on reporting requirements.

Some 52,000 firms, in total, will need to be transferred and each will receive notification of their move date via 3 direct emails from Gabriel, 3 weeks, 5 days, and 1 day before their move.

Please note that, RegData will not be accessible by firms until it and its users’ data has been moved across to the new system and the FCA states, that until then, “users should continue to report via Gabriel, using their existing login details”.

According to the FCA, the improvements that have been made in the new platform are tailored to the responses of the survey they conducted in summer 2019. Specifically, they have addressed the 3 key areas for improvement that were identified. These being:

  1. Accessing Gabriel – the feedback focused on the need for improvements to the speed of the system and support when accessing the system.
  2.  Viewing your Gabriel reporting schedule – largely related to the need for changes in the layout of the schedules and in viewing previous data submissions.

Submitting data – included the need for better guidance when making a data submission and advancements to the system’s data validation processes.

In response to this feedback, the FCA say that “RegData is faster than Gabriel, easier to use, and is built with more flexible technology so we can fix issues quickly and continue to improve the user experience.” 

Like Gabriel, RegData will still be accessible through the FCA website and, to ensure a smooth transition, they have released a simple checklist guide for firms that are preparing to move.

This can be viewed at - https://www.fca.org.uk/firms/regdata/moving-your-firm-regdata

Additionally, they have produced a series of videos and guides explaining the different aspects of the new platform, which can be found at - https://www.fca.org.uk/firms/regdata/resources

However, as always, if there is anything you are still unsure of, please get in touch, we are here to help.

About the author

Chloe is our newest member at RWA, joining us in 2020. Having graduated with a 2:1 in Graphic Communication at the University of South Wales, Chloe assists in the design and content creation of new e-learning modules as well as the re-branding of existing courses.

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