Half of firms who previously submitted their regulatory reporting on Gabriel are now using the Financial Conduct Authority’s new data system RegData.
The City watchdog said today (January 20) it would continue to move the remaining half of firms across to RegData in stages but until then they should continue to submit their regulatory reports through Gabriel.
The regulator started moving firms over to the new system in October 2020, with their moving dates determined by the nature of their reporting obligations and schedules.
All Gabriel users must register for RegData before the move by logging in to Gabriel and completing a one-time activity when prompted.
The FCA said firms’ principal users should make sure all other firm users complete this activity as soon as possible, or else they will need to set up as new users once the firm has been moved to the new system.
FTAdviser previously reported advisers will receive three emails — one three weeks before the move, a second one five days prior and a final notification the day before they move to RegData.
In 2019, the regulator announced it would be replacing Gabriel and move to a new platform for its data collection systems in a bid to improve the way it collects data from firms.
At the time, it pledged to deliver an “efficient, easy-to-use” system.
Advisers have often battled the regulator’s Gabriel system, which in December 2019 experienced a five-day blackout that hampered some advisers' attempts to meet the Retail Mediation Activities Return deadline.
The new platform, RegData, is part of a larger overhaul of the FCA’s data and digital strategy announced in January.
The regulator is now asking firms that have already moved to RegData to complete a survey based on their experience of the move and their experience so far.
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