Half of the firms that previously submitted their regulatory reporting via the Gabriel system are now using the Financial Conduct Authority’s (FCA) new data system, RegData, the City watchdog said last week.
On-boarding began in October 2020, with the remaining firms to be moved from Gabriel across to RegData in stages, depending on their reporting obligation and schedules. Remaining firms are still required to submit their regulatory reports through Gabriel.
The FCA’s Gabriel system has not been without its issues. In December 2019, for instance, it experienced a five-day blackout that hampered some firm’s ability to meet regulatory reporting deadlines
‘Back in 2019, the FCA asked firms and other users to provide their feedback on their experiences of using Gabriel,’ commented Cian Brennan, Global Regulatory Reporting Analyst at AQMetrics. ‘With the feedback collected and considered, the FCA have used the invaluable opinions of funds industry professionals to create a more user friendly platform.’
‘Outwardly, RegData is more attractive aesthetically and has a far cleaner appearance than its antiquated predecessor’ he added. ‘From the regulator’s perspective it’s understood that the new technology allows for a greater level of complex analytics to be undertaken owing to the increased integrity of the data collected via the platform.’
He concluded: While the change to the new platform will require getting used to, the FCA wants to facilitate the learning process for all concerned by providing many video tutorials & user guides (https://www.fca.org.uk/firms/regdata/resources). A key benefit of RegData the FCA has been keen to stress is the ease in which reporting deliverables may be tracked by having filing deadlines feature prominently.’