UK’s FCA begins the rollout of its RegData solution

From: RegTech Analyst

The UK’s Financial Conduct Authority (FCA) has announced it will be moving firms across to its new data collection platform RegData.

Its RegData platform will replace the existing solution Gabriel and firms have been registering for the new system via a one-off activity when accessing Gabriel.

The regulator is moving firms and users to RegData in groups to reduce the impact on them. Moving dates for firms will be determined by the nature of their reporting obligations and schedules.

Firms will not be able to access RegData until they and their user data has been moved from Gabriel. The principal user and associated users at each firm will be notified via email three weeks prior to their scheduled moving data, and reminders will come with five days and one day before the event.

Compliance consultants will also receive reminders for every firm their user account is associated with in Gabriel.

Before the moving date, the FCA has requested firms ensure their contact details in Gabriel are updated, a principal user and assigned administrator is nominated and information in Gabriel is accurate with active users and non-active users are disabled.

Last year, the regulator sought feedback on its Gabriel solution and found three key areas. Users wanted the system to be quicker, improve the schedule layout and submission history, and bolster the data submission process.

RegData will be faster and more accessible, and will also send notifications for multiple users. Reporting schedules will also be more user friendly.

Furthermore, the new system saves a user’s progress in data terms every two minutes and includes useful help text throughout the platform.

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