The FCA recently held a data strategy workshop. Below, we list the key points that came out from the workshop.
- The starting point of data for the FCA is the contact details they hold for authorised firms. All firms are now required to update their information on CONNECT at least annually.
- From April 2020 onwards the FCA register will show the date of the last update of the information. This is to help consumers identify when the information may be out of date. For firms it will therefore be a matter of public record that the information is out of date. The FCA believes a significant proportion of the contact details on the register are still incorrect.
- The FCA is moving towards a more data led strategy and this will change the data that they require. The FCA is conscious of the burden its information requests may place on firms and does try to monitor this. If a firm believes they have been included in too many requests they should approach the regulator to see if some requests can be modified.
- The FCA is engaging with trade bodies on their new strategy.
- The new GABRIEL will improve functionality but will not change the data that is being gathered. Longer term, the FCA is reviewing whether the data they currently obtain is fit for purpose. The new platform will allow the regulator to amend returns far more easily than now.
- When the new GABRIEL comes in, login will be via CONNECT. This will enable a move towards one login for all FCA systems. Each GABRIEL user will be required to revalidate their login details. Where an individual, such as a Compliance Consultant, has access to many firms they will have to revalidate on a firm by firm basis.