The Financial Conduct Authority is to move to a new platform for its data collection systems, which will include replacing Gabriel. Gabriel is the FCA’s main regulatory data collection system, facilitating the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms.
The regulator has asked all users to complete a short survey to help the development of the new platform and plans to run a programme of events and activities to capture views and test the new system. The FCA said it plans to implement an easy-to-use system which will improve the efficiency of data submission.
It is as yet unclear what this platform will look and feel like but there is an opportunity here for NACFB Members to share feedback on how the current system can be improved. The survey asks questions about your experience of the Gabriel system and calls for ideas on how to improve it.
We encourage all Members to respond to their survey here, or leave comments below on key measures to improve the platform.
What is changing?
The FCA say that work is at an early stage. They want to implement an easy-to-use system so that users can submit data to them in a way that is efficient and through a system and approach that can be adapted to our changing needs.
Early changes to the platform will be technology focused, so initially there will be no change to the way data is provided to. They will make more significant improvements in the future, having considered the feedback they receive from users.
This work is central to the FCA’s 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.
Any new data collection platform supports their 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 our Data Strategy plans later this year.