The Financial Conduct Authority announced this week that is has started work to improve the way it collects data from firms.
It plans to introduce a new platform as part of this work. The new platform will replace Gabriel, the regulator’s main regulatory data collection system.
What data does the FCA collect from firms?
Data is collected from regulated firms to help the Authority to assess firms’ compliance with its requirements – for example, on business conduct, on the charges levied by advisers and consultants and on prudential requirements.
In December 2016, the FCA explained why it collects data from advisers, as the Financial Times reported.
The majority of data is collected via the regulator’s ‘Gabriel’ data collection system, which sees the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms.
What is changing?
The regulator has frequently stated its desire to make more use of technology – so-called regtech – to make regulatory compliance more streamlined and effective. We reported in March on its plans to use technology to help firms with regulatory reporting.
Now, the FCA has started work to improve the way it collects data from firms. As part of this, it plans to replace its current Gabriel data collection system with a new platform.
Work is ‘at an early stage’ and ‘early changes to the platform are expected to be technology focused, so initially there will be no change to the way data is provided by firms’.
Share your views to help the regulator shape its plans
The FCA is inviting Gabriel users to complete a feedback survey to help with its planning for the new platform.
Alongside this survey, the regulator will run a programme of events and activities to capture users’ views and test the new platform.
The Authority will provide updates on progress, and aims to publish the feedback to the survey later this year.
Keep pace with the changing language of compliance
The way regulatory compliance is managed, governed and reported on is ever-changing. The language used to define and describe compliance, similarly, evolves constantly.
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