New FCA platform to replace Gabriel

The FCA is planning a new platform to replace Gabriel and improve the way it collects data from firms. The aim is to implement an easy-to-use system that is both efficient for firms to use and can be adapted to the FCA’s changing needs.  The FCA is looking to deepen their understanding of markets and consumers, and more swiftly identify, appropriately intervene and remediate issues to minimise harm.

Work is at an early stage and initial changes will be focused on the technology, so to begin with there will be no change to the way firms currently provide data.  The FCA has committed to communicating in good time before asking firms to take any action on a new system.

At this stage, the FCA would like Gabriel users to complete a feedback survey. The survey takes around five minutes to complete and asks questions about the firm’s experience of using the system – for example, access and managing the user account.  Firms are also invited to provide design feedback or be involved in testing the new system.

The FCA intends to provide updates on progress and plans to publish the survey feedback later this year.

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

It’s early days but we would encourage firms to complete the FCA feedback survey.

Action Required By You

For information.

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About the Author

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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