New platform to replace Gabriel

NEWS
Published
Jul 16th '19
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New platform to replace Gabriel and improve the way the Financial Conduct Authority (FCA) collect data from firms.

The FCA have started work to improve the way they collect data from firms and plan to move to a new platform for their data collection systems, which will include replacing Gabriel. The FCA are seeking views to help with this.

Gabriel is the main regulatory data collection system, facilitating the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms.

If you are a Gabriel user, please complete this feedback survey to help shape the FCA’s thinking.

What is changing

Work is at an early stage. The FCA want to implement an easy-to-use system so that you can submit data to them in a way that is efficient for you and through a system and approach that can be adapted to the regulators changing needs. Early changes to the platform will be technology focused, so initially there will be no change to the way you currently provide data. There will be more significant improvements in the future, having considered the feedback they receive from users.

This work is central to the FCA Data Strategy, which is designed to help them deepen their understanding of markets and consumers, and more swiftly identify, appropriately intervene and remediate issues to minimise harm. This new data collection platform supports the regulators Digital Regulatory Reporting work which is exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. The FCA will communicate further on their Data Strategy plans later this year.

Listening to your views

The FCA will work with you during the development and transition to the new platform. Along with the feedback survey, they will run a programme of events and activities to capture your views and test the new platform. This will help them shape how the system will work better.

Next steps

If you use Gabriel please complete the survey.

The FCA will provide updates on progress and plan to publish the feedback to this survey later this year. They will then speak with stakeholders to discuss the feedback themes and plans for their data collection systems.

Source: FCA