The Financial Conduct Authority (FCA) is to replace Gabriel and move to a new platform for its data collection systems.
The FCA has today (July 16) announced that it has started work to improve the way it collects data from firms, including financial advisers, which involves replacing its current system Gabriel.
The regulator wants to replace Gabriel with an efficient, easy-to-use system.
Gabriel is the FCA's main regulatory data collection system, facilitating the collection of 500,000 submissions annually, across 120,000 users and 52,000 firms.
In an update on its website, the FCA said work on the new platform was at an early stage and it is not yet known when the platform will be introduced.
Early changes to the platform are expected to be technology focused, so initially there will be no change to the way data is provided by firms.
More significant changes will be made later on when the FCA has considered feedback from firms and advisers using the platform.
The FCA stated: "This new data collection platform supports our digital regulatory reporting work which is exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide.
"We will communicate further on our data strategy plans later this year."
The FCA has asked users to complete a survey to help the development of the new platform, and plans to run a programme of events and activities to capture views and test the new system.
Last year the FCA announced it was looking into using new technology to make it easier for firms to meet their regulatory reporting requirements.
This had the potential for automated, straight-through processing of regulatory returns, meaning no more manual inputs for advisers.
In December 2016, the FCA explained why it collects data from advisers.
It said it uses the data to assess firms’ compliance with threshold conditions and other requirements, for example its rules on adviser and consultancy charging, conduct of business and prudential requirements.
When asked by advisers why the data has to be submitted electronically through Gabriel, the FCA stated electronic reporting allows it to build in automatic verification checks against a number of criteria.
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