FCA Announces RegData Platform
Posted on 24 Jun 2020
The FCA has announced the launch of their new data collection platform, which replaces the current system, Gabriel. Named 'RegData', firms have been registering since April through the current Gabriel system. All 52,000 regulated firms that currently submit regulatory data through Gabriel will need to use RegData in the future.
As of writing, the FCA has not given a clear implementation date but have outlined that firms will be migrated in groups.
Key actions for firms.
In advance of the implementation date, the FCA is asking firms to check that they have:
- up-to-date contact details in Gabriel;
- nominated the correct principle user and assigned administrator rights correctly in Gabriel; and,
- accurate information in Gabriel about all other active users - with any non-active users disabled.
Firms should continue to use Gabriel, using their existing Gabriel login details, until their firm is notified by the FCA that they have been moved to the new platform.
There will be no change in the way firms currently provide data to the FCA.
What is different with RegData?
There are 3 main areas that the new platform will improve:
- access, and in particular the speed of the system and its support;
- viewing the reporting schedule, in particular, the schedule layout and submission history; and,
- submitting data and the importance of guidance and data validation.
While RegData will look similar to Gabriel the FCA has said that there will be a number of further improvements. RegData saves a user's progress in data items automatically every 2 minutes and includes useful help text through the platform.
Keeping firms informed
The FCA will keep firms regularly updated on developments via the FCA website and other communication channels, including their Regulation Round-up newsletter which comes in daily or weekly editions. They will set out well in advance any actions firms need to take, and continue involving firms and other Gabriel users in the plans for delivering and optimising RegData.
How can we help?
At Laven, our consultants are on hand to help identify the actions your firm needs to take to ensure you are compliant and aware of all the risks outlined in this update. Whether this is through assisting with new policies and procedures that need to be put in place or providing online training for staff to make them fully aware of the regulatory burden.
Laven has also built Laven Tech software solution that leverages advanced technology combined with our vast subject matter expertise. Laven TEch is designed to assist fund managers, service providers and investors to meet today’s growing demands.
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