The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

FCA Seeks Industry Input on How to Handle Regulatory Data

The UK’s financial watchdog has issued a call to regulated firms to provide feedback on how best to collect and process regulatory data, as part of its plan to replace Gabriel, its main regulatory data collection system.

Collecting over 500,000 submissions annually across 120,000 users and 52,000 firms, Gabriel enables regulated market participants to submit regulatory data, view a schedule of their reporting requirements, and view and manage all their submissions.

The platform is being replaced as part of the FCA’s new Data Strategy, designed to help the regulator deepen its understanding of markets and consumers, and more swiftly identify, appropriately intervene and remediate issues to minimise harm. The new data collection platform will support its wider Digital Regulatory Reporting initiative, 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.

“We want to implement an easy-to-use system so that you can submit data to us in a way that is efficient for you and through a system and approach that can be adapted to our changing needs,” says the FCA.

Early changes to the platform will be technology focused, so initially there will be no change to the way firms currently submit data. More significant improvements will then be made in the future, based on feedback received from users during this consultation period.

The regulator is requesting Gabriel users to complete a survey to assist with the development of a replacement resource. Further updates on its Data Strategy approach are expected later in the year, along with published feedback from the survey.

Related content

WEBINAR

Upcoming Webinar: Meeting the requirements of the EU’s ESG Disclosure Regulation

Date: 14 October 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The EU Sustainable Finance Disclosure Regulation (SFDR) is central to the European drive towards a sustainable financial market. As such, it is complicated and multi-faceted, and makes rigorous demands on financial firms to source large volumes of ESG data...

BLOG

New Approaches to Surveillance and Due Diligence Post-Pandemic Feature Heavily at A-Team’s RTSV Conference

Surveillance in the new ‘work from anywhere’ environment and the drift toward continuous KYC due diligence emerged as key industry challenges during panel sessions at A-Team’s RegTech Summit Virtual online conference earlier this month. Delegates heard how surveillance professionals were struggling to deal with the mushrooming use of new collaboration channels and video-conferencing platforms. At...

EVENT

Data Management Summit USA Virtual

Now in its 11th year, the Data Management Summit USA Virtual explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...