All firms who previously submitted their regulatory reporting on Gabriel have now been migrated to the Financial Conduct Authority’s new data system, Regdata.
The City watchdog said 52,000 firms and 120,000 users have been moved from Gabriel to Regdata.
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.
According to the FCA, Regdata is informed by user feedback and is “faster to navigate and easier to use”.
It is built with flexible technology, therefore issues can be fixed quickly and ongoing improvements to the service can be made.
The FCA also reiterated that the changes made are technology focused and that it has not changed the way firms currently provide data to FCA. Also, data items and relevant forms have not changed as a result of the move.
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 last year.
The regulator is now asking firms that have used Regdata to complete a survey based on their experience of the move and the system so far.
The FCA said it is already using the feedback it has received to fix a number of data item and submission issues with Regdata.
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