The Financial Conduct Authority has urged firms to check the accuracy of their information in the existing Gabriel reporting system, ahead of the forthcoming change to the new RegData reporting system. This is the first occasion on which the regulator has announced that ‘RegData’ is the name of the new system that authorised firms will use to report data to the FCA.
Firms will not be able to access the new RegData system until their information has been transferred across from Gabriel. The FCA will email each firm’s principal user of Gabriel and each of the firm’s associated users three weeks before their transfer date. Reminder emails will then be issued five days and one day prior to the transfer. Where a compliance consultant is shown as having an association with a firm’s Gabriel account, the consultant will also receive these emails.
Until their transfer date, firms need to continue to use Gabriel in the usual way.
If they have not already done so, firms also need to log into Gabriel and complete the RegData registration process ahead of their transfer date. Firms will require the same login credentials as they use to log in to Connect – anyone who isn’t currently a Connect user will be able to set up a Connect account through this registration process. When completing the RegData registration process, firms should have to hand their Connect username, password and six-digit passcode.
Ahead of the transfer, firms also need to check the following:
- All of the contact details in Gabriel are up to date
- They have nominated the correct principal user and associated users in Gabriel
- There is accurate information in Gabriel about all users
- All non-active users still shown in Gabriel, such as those who have left the firm, have been disabled
Firms will be able to view previous Gabriel submissions via RegData.
The FCA recommends firms have the following IT resources to get the best out of RegData:
- Adobe Acrobat Reader 7.0 or above (this is available for free download)
- Google Chrome
- A screen resolution of 1028 x 960 pixels
The move to the RegData system is part of the FCA’s wider Data Strategy. The FCA is aiming to deliver some real changes in the way it collects data, which could lead to some significant changes in the way it regulates firms. Some media reports suggested that this need for a change in its vision was one of the reasons why Nikhil Rathi was preferred to Christopher Woolard when recruiting the regulator’s new permanent CEO. The FCA is expected to regulate a very large number of firms, without an increase in its resources, so it now needs to examine ways in which it can ‘work smarter’.
The FCA says it will take the following steps:
- Investment in new technology
- Greater use of data from external sources
- Investment in new working practices
- Setting up data science units in certain areas of the organisation
- Migrating to cloud-based IT infrastructure
- Reviewing historical data and how these indicate consumer harms
- Deciding whether current and recent data mean that it needs to intervene in a particular sector
- Deciding whether current and recent data indicates that financial crime has occurred
- Greater use of predictive analytics, especially with regard to identifying trends amongst firms
The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware of the facts, circumstances or legal position may change after publication of the article