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Are you preparing for the FCA’s new data collection platform, RegData?

Jun 25, 2020 12:00:00 AM

What has happened?

The FCA is now preparing to gradually move firms across to its new data collection platform, RegData, which replaces Gabriel. Since April, firms have been registering for RegData through a one-off activity when accessing Gabriel.

The FCA will be moving firms and their users to RegData in groups to minimise the impact of this move on firms. Firms’ moving dates will be determined by the nature of their reporting obligations and reporting schedules.

Firms will not be able to access RegData until they and their users’ data have been moved from Gabriel. The FCA will email firms’ principal users and associated users three weeks before their moving date, with reminders when there are five days and one day to go.

What do you need to do?

In advance of their moving date, firms must 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 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 haven’t registered yet will still be able to do so when they next log in to Gabriel.

There will be no change in the way firms currently provide data.

Feedback from Gabriel users last year indicated three main areas for improvement:

    • accessing Gabriel, particularly the speed of the system and getting support,
    • viewing the Gabriel reporting schedule, especially the need to improve the schedule layout and submission history, and
    • submitting data and the importance of guidance and data validation

RegData is expected to be faster and more accessible than Gabriel; the system will be able to send notifications for multiple users and the reporting schedules will be more user-friendly. RegData saves a user’s progress in data items automatically every two minutes and includes help text throughout the platform.

How can we help you?

If you’d like to know more about how we can help with your FCA reporting arrangements or any other aspect of FCA compliance, our expert team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.