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.
Consumer Duty – the shape of things to come?
Paul Jay Compliance 2021, complaints, Conduct, email, FCA, Pension, Pension Transfer, PI, platform, Register, Switch, transfer, Xplan
In its numerous publications prior to the implementation of Consumer Duty, the FCA promised that it would be more proactive and take a forward looking view, rather than acting with the benefit of hindsight – something for which it has received criticism previously. We’ve been waiting to see how this would pan out and didn’t […]