FCA Releases Feedback to Online Survey on New Data Collection Platform
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.
Related Links
Keywords: Europe, UK, Banking, Securities, Insurance, GABRIEL, Data Collection, Reporting, 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.
Scott Dietz
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.
Related Articles
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.
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.
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.
Global Agencies Focus on ESG Data, Climate Litigation and Nature Risks
At the global level, supervisory efforts are increasingly focused on addressing climate risks via better quality data and innovative use of technologies such as generative artificial intelligence (AI) and blockchain.
ISSB Standards Shine Spotlight on Comparability of ESG Disclosures
The finalization of the IFRS sustainability disclosure standards in late June 2023 has brought to the forefront the themes of the harmonization of sustainability disclosures
EBA Issues Several Regulatory and Reporting Updates for Banks
The European Banking Authority (EBA) recently issued several regulatory publications impacting the banking sector.
BCBS Proposes to Revise Core Principles for Banking Supervision
The Basel Committee on Banking Supervision (BCBS) launched a consultation on revisions to the core principles for effective banking supervision, with the comment period ending on October 06, 2023.
US Proposes Final Basel Rules, Transition Period to Start in July 2025
The U.S. banking agencies (FDIC, FED, and OCC) recently proposed rules implementing the final Basel III reforms, also known as the Basel III Endgame.
FSB Report Outlines Next Steps for Climate Risk Roadmap
The Financial Stability Board (FSB) recently published the second annual progress report on the July 2021 roadmap to address climate-related financial risks.
EBA Plans on Ad-hoc ESG Data Collection and Climate Scenario Exercise
The recognition of climate change as a systemic risk to the global economy has further intensified regulatory and supervisory focus on monitoring of the environmental, social, and governance (ESG) risks.
