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
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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