FCA announced that the new data collection platform RegData will replace Gabriel. FCA is preparing to gradually move firms to this new data collection platform. FCA outlined the required actions for firms before they are moved to RegData. The moving dates of firms moving dates will be determined by the nature of their reporting obligations and reporting schedules. PRA firms are not expected to migrate to the new system for submission of returns until 2021.
Firms will not be able to access RegData until their and their users’ data have been moved from Gabriel. The principal user and associated users of firms should receive an e-mail three weeks before the moving date. Compliance consultants will receive reminders for every firm their user account is associated with in Gabriel. In advance of the moving date, FCA has requested firms to check that they have:
- Up-to-date contact details in Gabriel
- Nominated the correct principal user and assigned administrator rights correctly in Gabriel
- Accurate information in Gabriel about all other active users—with any non-active users having been disabled
Firms should continue to use Gabriel, using their existing Gabriel login details, until their firm has been moved to the new platform. Users that have not registered yet will still be able to do so when they next log in to Gabriel. There will be no change to the way firms provide data to FCA. Based on the feedback from Gabriel users, FCA has made a number of improvements. RegData will be faster and more accessible, the system will be able to send notifications for multiple users, and the reporting schedules will be more user friendly. RegData saves a the user progress in data items automatically every 2 minutes and includes useful help text throughout the platform. The data times to be submitted by firms will not change in the new platform and the data reference guides that have been published for Gabriel will remain the same for RegData.
Keywords: Europe, UK, Banking, Securities, Insurance, Gabriel, RegData, Reporting, Statistical Reporting, Data Collection Program, FCA, PRA
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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