Further Gabriel updates

16 January 2017 Alistair MacDougall Compliance

The FCA has made some changes to the GABRIEL returns for firms with reporting periods ending on or after 31 December 2016.

The updated forms relevant to the majority of ATEB firms are minor changes to CCR003, RMA K and more major changes to RMA G. There is a significant increase in the information required for ‘RMA G Training and Competence’ for example it now includes the Professional Standards Data Return (PSDR) information.

This does mean the PSDR is no longer required after January 2017 submissions as the information will need to be provided in every GABRIEL submission.

At the time of writing the SUP 16 Annex 18 pages and FAQs have been updated to reflect the changes but it looks like the ‘Help text’ has not.

The FAQs can be accessed here and SUP 16 Annex 18 b can be accessed here.

Don’t forget to check Our View about this article and the Actions Required By You

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

These changes will require some additional pre-completion work to be carried out.

As mentioned in our last RMAR newsletter, the GABRIEL return is often the only contact the FCA has with a firm so it is essential it is completed accurately as it provides them with an indication how your firm is governed.

Action Required By You

Always have SUP 16 Annex 18B open when completing your GABRIEL return;
Refer to the FAQs and help text while becoming comfortable with the changes;
If in doubt ask your ATEB consultant. Click here to contact us.

About the Author

Alistair MacDougall

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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2016 2017 FCA Gabriel Update

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