Is your understanding of FCA Gabriel reporting good enough?
What’s happening?
In view of the impact of coronavirus, the FCA has introduced some temporary FCA compliance measures for firms submitting Gabriel regulatory returns, extending the submission deadlines by one or two months for many, but not all, returns. The extension applies for submissions that are due up to and including 30 June 2020.
For a return due on 22 May 2020, but where a two-month extension has been granted, the submission will need to be completed by Wednesday 22 July 2020. If the extended deadline date happens to fall on a weekend, the submission should be made by the next working business day.
Certain returns do not have an extension and firms must submit their data in the usual timeframe.
For small or medium-sized businesses (those paying less than £10,000 in fees and levies in 2020/2021) the £250 administrative fee for late returns has been waived until 30 June 2020.
Firms are still expected to submit returns as soon as possible, and if they miss a deadline in the period up to 30 June, the FCA will send a reminder letter.
What do you need to do?
Firms need to be aware that a replacement for Gabriel will go live at some point in the future. For now, Gabriel remains the FCA’s principal reporting system and it is one of the main methods by which the FCA assesses the regulatory compliance of smaller firms. It is imperative to understand how to use Gabriel correctly and, at the simplest level, what the submission deadlines are to adhere to FCA compliance.
How can we help you with FCA compliance?
If you’d like to know more about FCA Gabriel reporting 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.