FCA plans to replace GABRIEL and move to a new platform to improve the way data is collected from firms. FCA is requesting Gabriel users to complete a feedback survey that asks questions about user experience with the Gabriel system and ideas to improve the system. Gabriel, which is the main regulatory data collection system of FCA, facilitates the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms. FCA plans to publish the feedback to the survey later this year. It will then speak with stakeholders to discuss the feedback themes and plans for the data collection systems.
The new data collection platform supports the Digital Regulatory Reporting work, which is exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. FCA wants to implement an easy-to-use system to enable data to be submitted efficiently for the user and through a system and approach that can be adapted to the changing needs. Early changes to the platform will be technology focused and initially no change will be made to the way data is provided to FCA. More significant improvements will be made in the future, having considered the feedback FCA receives from users. This work is central to the Data Strategy that is designed to help FCA deepen understanding of markets and consumers and more swiftly identify, appropriately intervene, and remediate issues to minimize harm. FCA will communicate further on the Data Strategy plans later this year. Along with the feedback survey, FCA will run a program of events and activities to capture the views of users and test the new platform. This will help in shaping the system to work better for users.
Additionally, FCA and PRA signed a Memorandum of Understanding (MoU) that sets out the high-level framework both the regulators will use to coordinate and cooperate in carrying out their respective responsibilities. Each regulator will make rules and policies in pursuit of its separate objective(s). PRA will work with FCA to ensure that the regulatory reporting processes for dual-regulated firms are efficient. FCA and PRA will also share data on firms that are not dual-regulated, where necessary, to ensure that each regulator has a complete view of the market. FCA and the PRA will consult each other at an early stage in relation to policy deliberations, which are either equally relevant to both regulators’ objectives or might have a material effect on the other’s objectives. The regulators will seek to avoid introducing incompatible requirements. Where any such conflict is a serious prospect and would have a material effect on the achievement of objectives, the issue will be escalated to the CEO of FCA and the Deputy Governor for Prudential Regulation as well as to the Board of FCA and the Prudential Regulation Committee, if necessary.
Keywords: Europe, UK, Banking, Insurance, Securities, Data Collection, Gabriel, Reporting, Data Strategy, FCA
Previous ArticleESMA Guidance on Disclosures for Credit Rating Sustainability Issues
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.
PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.
PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.
ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).