FCA promises to give firms enough time to prepare for GABRIEL's replacement

Chris Hamblin

26 June 2020

All 52,000 firms that submit information through GABRIEL will have to use RegData in future. Whenever the FCA decides to begin the process of moving firms and individuals over to it, it will do so in stages. It has promised to send a message to every firm "in good time."

Before its moving date, every firm must check to see whether it has up-to-date contact details in GABRIEL, whether it has nominated the correct principal user and assigned "administrator rights" correctly in GABRIEL, and whether t has accurate information in GABRIEL about all other active users – with any non-active users disabled.

Until the FCA moves the firm in question to the new platform, it must continue to use GABRIEL as normal, using the same login details as ever. Any firm that has not registered for RegData yet ought to complete a one-off registration process the next time it logs into GABRIEL.

What's new about RegData?

As with GABRIEL, firms will be able to use the RegData system to submit "regulatory data," i.e. the data that the FCA requires of them, view tailored schedules of their reporting requirements, view all their submissions in one place and print things off.

The regulator describes RegData's software as "more flexible technology so we can fix issues faster." It hopes (but, rather maddeningly, has not actually said) that RegData will be better than GABRIEL in the following areas.

Better access, which includes a faster system and swifter means of obtaining support.
A better means of viewing one's reporting schedule, especially when it comes to. layout and submission history
Easier submission of data and better "data validation," whatever that may be.

Help and support

Once the system is up and running, the FCA will produce guides for users (along with technical guides and the details of any system upgrades) and videos to help them understand every aspect of it.

Access

The FCA recommends the use of: Adobe Acrobat Reader 7.0 or above (free download); Google Chrome; and a screen resolution of 1028 x 960 pixels.

Data items

The data items that firms submit will not change in RegData – they will just submit their information to a different platform. The FCA has already published some guidelines about how to complete some of the most common data items in GABRIEL (such as financials or client money and asset returns) and these will remain the same. The data reference guides will also remain the same.