The Financial Conduct Authority (‘FCA’) is in the process of phasing out Gabriel, the regulatory reporting system most regulated firms have been acquainted with.
For the many firms who were previously critical of Gabriel, the gradual phasing out over to RegData will be welcome news. The FCA recently reported around 50% of all firms on the Gabriel system have now been transferred across to RegData. The remainder of firms will need to sign into Gabriel for a final time and follow in the online instructions to register for RegData. These firms will be contacted by the FCA three weeks before the moving date indicating they should login to Gabriel and follow the transfer procedure. This should be by the last Friday before your indicated move date. As to when your firm will transition to RegData this will largely depend on your firm’s regulatory reporting dates.
The RegData system boasts new features such as an autosave function every two minutes and a streamlined login service. RegData now only requires a firm’s connect details to login rather than having separate Gabriel and connect login details which were previously required. It is recommended that you log onto Gabriel before your reporting date and use your firm’s connect details for the transfer.
The FCA’s Connect is the system firms would have used to register and submit their authorisation application. Firms should be aware the questions and data sought after in the Gabriel system will be same in RegData. The FCA has made a helpful summary video for the significant changes click this link to view… RegData FCA Explainer Video
Do you need any assistance with completing your regulatory reporting? If you do not complete your reporting on time you will be subject to fines from the FCA. If your firm is unfamiliar or needs guidance with the RegData system Scott Robert is on hand to help you on either a one off or ongoing basis.
Visit our webpage for FCA Regulatory Reporting and call us on 0161 914 5727