The Financial Conduct Authority’s Gabriel system is back up and running after being down since Friday.
An update on the FCA’s website this morning stated the reporting system was “currently unavailable” and that the watchdog’s technical teams were working hard to get the issue resolved. By 9am the system was back online.
The FCA apologised for any inconvenience caused for advisers.
According to one adviser, the system has been down since Friday evening causing him concern he would not be able to meet his December 12 Retail Mediation Activities Return deadline.
FTAdviser understands many IFA firms will have to submit their RMAR to the Financial Conduct Authority by tomorrow (December 12) if they operate on a financial year basis.
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 July it announced it was planning to replace the service and move to a new platform for its data collection systems as the regulator wanted to improve the way it collects data from firms.
The FCA hopes the new system will be “efficient” and “easy-to-use” and 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 regulator has made some changes to the system in July and September this year but has not yet announced when the switch to a whole new platform will be taking place.
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