Featured Product

    FCA Plans to Move to New Regulatory Reporting Platform

    July 18, 2019

    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.


    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Data Collection, Gabriel, Reporting, Data Strategy, FCA

    Featured Experts
    Related Articles

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938