FCA Announces Enhancements to New Data Collection Platform RegData
FCA announced initial enhancements to the new data collection platform RegData, which is slated to replace the existing platform known as GABRIEL. The enhancements are for functionality that relates to accessing the system, viewing reporting schedules, and submitting data. These enhancements are based on feedback received from the users of GABRIEL platform.
FCA has produced a series of individual explainer videos and user guides for each aspect of the functionality in RegData. The following are the key noteworthy enhancements in RegData platform, as outlined by FCA:
- With respect to enhancements in accessing the system, FCA informs that RegData will be faster and will make it easier to navigate and complete submissions due to user journey improvements. Going forward, finding information within RegData and on the FCA website is expected to easier. The new system also features improved messaging and signposting. Users will use the same username and password for Connect and RegData. Firms must enable this by logging into GABRIEL and completing a short one-time registration ahead of their move, unless already completed.
- With respect to viewing of reporting schedules, a firm will have improved navigation and functionality, with messages that make it clearer when data items are due and overdue. The schedule automatically brings overdue items to the top of the page and the system allows users to expand or collapse details for each item. Furthermore, users can sort draft and past submissions by date and status.
- Data submission issues will be easier to identify, particularly on a user’s schedule and in a form. With the improved validation features, the new platform validates data as it is entered into the field. FCA also included guidelines in each field and across the form to clarify the data expectations, including those regarding currencies, types of files, entry type (numbers or text), and status of form (for example, draft). In the new platform, layout for forms is clearer, with improved navigation using features such as the ability to zoom in and out on tables. Data being input will also be automatically saved every two minutes.
FCA also explained that it is moving firms and their users to RegData in groups to minimize impact on firms. The moving dates of firms are determined by their reporting requirements. All users must register for RegData ahead of their move by logging in to GABRIEL and completing the one-time registration, when prompted. Until the users are moved, firms should continue reporting via GABRIEL using the existing GABRIEL login details.
Related Links
Keywords: Europe, UK, Banking, Insurance, Securities, Gabriel, Data Collection Platform, Reporting, RegData, FCA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Related Articles
APRA Finalizes Guidance on Management of Climate Change Risks
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
European Council Adopts Position on Digital Finance Package Proposals
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
EC Proposes New Measures Under Capital Markets Union Package
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
FED Outlines Lending Conditions and Supervisory Activities in H1 2021
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.
FSB Updates List of Global Systemically Important Banks
The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.
FASB Proposes Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.
US Agencies Issue Statement on Crypto-Asset Policy Initiatives
US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.
