Half of reporting firms moved to FCA’s new data collection platform
What is happening?
The FCA reported in January 2021 that 50% of firms that had previously submitted their FCA regulatory reporting on Gabriel are now using RegData after the FCA started moving firms to RegData in October 2020, with their moving dates being determined by the nature of their reporting obligations and schedules.
What do you need to do?
Firms that are still using Gabriel must ensure that they have registered for RegData, as the FCA will continue to move more firms across in stages over the next few months.
The main improvements are summarised in the FCA’s Welcome to RegData video, watch here. The FCA also has a series of explainer videos and user guides on its dedicated RegData resources page, view here.
The FCA is keen to hear from firms that have already moved to RegData and are inviting them to complete a short survey on their experience of the move and the system so far, take the survey here.
Firms will not be able to access RegData until their users are moved across from Gabriel. Until then, they should continue to submit their regulatory reports through Gabriel.
All Gabriel users must register for RegData before their move by logging in to Gabriel with their normal login details and completing a one-time activity when prompted. Firms’ Principal Users should make sure all other firm users complete this activity as soon as possible. This needs to be completed before the firm’s planned moving date, otherwise, the Principal User will need to set others up as new users in RegData once the firm has been moved to the new system.
Gabriel users who do not complete online submissions and instead communicate directly or via Secure File Transfer Protocol (SFTP) do not need to register, since the FCA will outline the process for these services before the move.
How can we help you?
If you’d like to know more about how we can help you review and assess your FCA data reporting arrangements or any other aspect of FCA compliance, our expert team is here to help.
Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.