The UK’s Financial Conduct Authority (FCA) has announced that ‘RegData’ will be its new data reporting platform, replacing its existing system Gabriel.
RegData is being introduced as part of the FCA’s data strategy, which looks to harness “the power of data and advanced analytics to transform financial regulation.” The new platform has been implemented with user feedback in mind. As such, it endeavours to be faster, more accessible and user friendly, and it will enable notifications for multiple users.
The FCA has confirmed that it will move firms and across to the new platform in groups to minimise business disruption, which will be music to the ears of many financial institutions currently struggling to balance regulatory obligations with the effects of COVID-19. The moving dates will be established by certain key factors, including the nature of the firm’s reporting obligations and their reporting schedules. Firms will be contacted three weeks prior to the moving date and will receive reminder alerts up until transition day.
Before firms move across to RegData, the Regulator is urging them to ensure that current information within the Gabriel platform, including contact details and user rights, is up to date. It will be providing further guidance on the new, more flexible platform in the form of videos and user guides. While the platform will be different, there will be no change to the way firms are asked to provide data.