FCA updates on transition of firms to new data collection platform
The UK Financial Conduct Authority (FCA) has seen some progress in the shift of firms to its new data collection platform. The regulator says that 50% of firms that have previously submitted their regulatory reporting on Gabriel are now using RegData.
RegData is central to the FCA data strategy which sets out its plan to harness the power of data and advanced analytics to transform financial regulation. The regulator started moving firms over to RegData in October 2020, with their moving dates determined by the nature of their reporting obligations and schedules.
Firms still using Gabriel are advised to make sure they have registered for RegData, as the FCA continues to move more firms across over the next few months.
To ensure a smooth transition onto the new system, the FCA will continue to move remaining firms across in stages. Firms will not be able to access RegData until the FCA moves their users across from Gabriel. Until then, they should continue to submit their regulatory reports through Gabriel.
All Gabriel users must register for RegData before their move by logging in to Gabriel with their normal login details and completing a one-time activity when prompted. Firms’ Principal Users should make sure all other firm users complete this activity as soon as possible. This needs to be completed before a firm’s planned moving date, otherwise the Principal User will need to set others up as new users in RegData once the firm has been moved to the new system.