FCA published results of the survey requesting feedback for the new data collection platform that will replace GABRIEL. Through this online survey, over 1,000 users and other GABRIEL stakeholders shared their thoughts on the current system and their feedback will help shape how FCA develops the new platform, with some key changes reflecting the priorities highlighted by the stakeholders. The three key areas of improvement highlighted in the feedback cover aspects such as accessing GABRIEL, viewing reporting schedules, and submitting data.
The new platform will allow FCA to fix issues quicker and sooner. FCA will also improve the support guidance to make it easier to know where to go for help. The early changes to the platform will be technology focused and initially there will be no change to the way firms currently provide data to FCA. The following are the key highlights of the feedback:
- Accessing Gabriel—The feedback focused on the need for improvements to the speed of the system and support when accessing the system.
- Viewing reporting schedules—The feedback was largely related to the need for changes in the layout of the schedules and in viewing previous data submissions.
- Submitting data—The feedback identified the need for better guidance when making data submission, along with advancements to the data validation processes of the system.
The online survey is still open to feedback and FCA will continue to provide stakeholders with regular updates. 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.
Keywords: Europe, UK, Banking, Securities, Insurance, GABRIEL, Data Collection, Reporting, FCA
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.
The Hong Kong Monetary Authority (HKMA) announced that the applicable jurisdictional countercyclical capital buffer (CCyB) ratio for Hong Kong remains unchanged at 1.0%
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.