RegData – FCA’s new Data Collection Platform (1)  

YOUR COMPLIANCE MATTERS:   RegData – FCA’s new Data Collection Platform (1)

Relevance:                 All firms.

Action required:       Awareness only

As part of its overall Data Strategy, the FCA suggested that it “wants to be smarter in the way we use our data and advanced analytics to transform the way we regulate and reduce the burden on firms.”

One aspect of this is the amount of information that the FCA requires from the firms it regulates using GABRIEL (GAthering Better Regulatory Information ELectronically). Earlier this year, the FCA announced details of its new Data Collection Platform.

RegData will be replacing Gabriel.

The regulator is now preparing to move firms across to the new platform gradually. The FCA said it would be moving firms in stages, the timing of which would be based on a firm’s reporting requirements.

The first of the firms will be moved across over the weekend of 17 and 18 October 2020 and the FCA has said that the process will not require any additional activity from the firms in question or others.

All 52,000 firms will receive direct emails from Gabriel advising them of their moving date. The emails will go to the firms’ principal user and any associated users 3 weeks before their moving date, with reminders 5 days and 1 day to go. Compliance consultants will receive reminders for every firm their user account is currently associated with in Gabriel.”

So, in preparation for these emails, firms should check they have:

·        up-to-date contact details in Gabriel;

·        nominated the correct principal user and assigned administrator rights correctly in Gabriel;

·        accurate information in Gabriel about all other active users – with any non-active users disabled.

·         Client firms can access the FCA’s update by clicking here.

·        More information about the regulator’s approach and how to prepare for the move can be found here.

·        A library of resources about RegData can be accessed by clicking here.

RegData is expected to be faster and more accessible, able to send notifications for multiple users and the reporting schedules will be more user friendly. It will save a user’s progress in data items automatically every 2 minutes, and there will be help text throughout the platform.

The FCA says it will keep firms regularly updated on developments via its website and other communications channels. Any actions firms need to take will be set out well in advance, and firms and other Gabriel users will continue to be involved in its plans for delivering and optimising RegData.

We will work with all client firms to ensure that the transition to RegData is completed as smoothly as possible. Where we are held as an associated user for a client firm, we will receive the email notification accordingly and from there we will work together to get the move organised.

We will, of course, keep all firms updated on any developments relating to RegData.  Any client firm wishing to discuss this matter now should give us a call.