In July 2019, the Financial Conduct Authority (FCA) commenced a user survey to seek feedback from firms on the Gabriel data reporting system. Since then, the regulator has held face-to-face meetings with some of the survey participants.
The key areas mentioned by respondents include:
- The speed of the system
- The support available to system users
- The layout of the schedules, i.e. the area of the system that sets out when returns need to be submitted
- The difficulties in viewing information submitted in previous returns
- Data validation processes
In the video on the FCA website, users’ comments include:
- “Anything that can be done to improve the functionality I think is the key part. So that makes life easier”
- “Autosave – best thing ever. Yes. And the fact that you’re listening to us and it’s going to make it more user friendly.”
The FCA will shortly introduce a new reporting system to replace Gabriel. The regulator promises that changes will be made to accessibility, notifications, the look and feel of the system, and automated saving of data when developing this system. It adds that it will improve the support guidance available to make it easier to know where to go for help; and that firms will be able to see the submissions they made via Gabriel when logging in to the new platform.
The FCA’s survey is still open, so firms can still tell the regulator about their experience of the Gabriel system and their ideas to improve it. Please note, however, that the FCA is not asking for feedback on the data it collects or the layout of the forms. The survey takes just five minutes to complete.
Failing to submit a regulatory return remains the most common reason why the FCA might cancel a firm’s authorisation. This is a particularly significant issue in the consumer credit sector, especially those in the motor trade for whom financial services would not be their main line of business.
Scott Robert offers confidential and no obligation advice about FCA regulatory reporting.
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 the facts, circumstances or legal position may change after publication of the article