Financial Conduct Authority  

FCA to reveal how it uses advisers' data

FCA to reveal how it uses advisers' data

The Financial Conduct Authority has said it will provide advisers with information on how it uses the data they submit through Gabriel.

It follows the regulator’s Live & Local events where advisers raised the issue with the FCA.

David Geale, the FCA’s director of policy, said the regulator will provide this information as well as some common mistakes advisers make.

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He said: “Firms are interested in getting a better understanding of what we do with the data we collect and why we need it.

“There isn’t always awareness of some of the resources that are available to help firms with their submissions.

“Following feedback, we will soon publish an overview of why we collect Retail Mediation Activities data.

“We will outline the rationale for collecting the data, why we need it in an electronic format, and how it feeds into our wider supervisory approach.

“It will also draw attention to some common RMA misreporting errors that firms should avoid.”

Mr Geale added that the FCA offers a Gabriel online training package, which it has recently updated.

Last year the Office of the Complaints Commissioner rejected an appeal from an adviser who had been fined by the FCA for a late submission of his Gabriel data because a technical fault at the regulator prevented them from receiving the reminder.