The Financial Conduct Authority (FCA) is pushing ahead with its plans to replace Gabriel, the FCA’s main regulatory data collection system, which facilitates the collection of some 500,000 submissions across 52,000 firms annually.
In an emailed update earlier this week, the regulator said that: ‘to prepare for the move, we will soon ask firms to complete a mandatory one-time registration when they log into Gabriel. After you have registered, you should continue to use Gabriel as normal until we move you to the new system. We’ll let you know about your moving date in good time.’
The regulator announced plans to replace Gabriel last July, in an effort to make it easier for firms to meet their reporting requirements and improve the quality of information they provide. More broadly, regulators have begun embracing technology in a bid to keep apace with the firms they monitor and enhance data collection and risk analysis.
‘We are also simplifying the way you access the FCA systems. So you will be able to log into the new data collection platform using the same details as you use for the FCA Connect,’ the UK regulator added.
While a rollout date has yet to be confirmed, early changes to the new platform are expected to be technology focussed, with no major changes to any reporting requirements. More significant alterations may be unveiled later when the FCA has had time to consider feedback from firms using the new platform.
Any updates, including the start date of the new registration process, will be posted on the Gabriel page.