The FCA is now preparing to gradually move firms across to RegData, the new data collection platform, which replaces Gabriel.
RegData is part of the data strategy that the FCA has previously set out and which the FCA intends will help it to “to harness the power of data and advanced analytics to transform financial regulation”.
Firms should have been registering for the new platform since April, through a one-off activity when accessing Gabriel.
The FCA will be moving firms and their users to RegData in groups to minimise the impact this has on them.
The FCA will email firms’ principal user and associated users 3 weeks before their moving date, with reminders at 5 days and 1 day to go. In order to ensure that the migration goes smoothly, firms should check that they have:
- up-to-date contact details in Gabriel
- nominated the correct principal user and assigned administrator rights correctly in Gabriel
- accurate information in Gabriel about all other active users – with any non-active users disabled
More details on RegData can be found here.
Instructions for how to register for RegData can be found here.
Suitability reports – silver bullet, or not?
Paul Jay Compliance, Suitability DB Pension, FCA, MiFID, Pension, Pension Transfer, PI, transfer, Xplan
If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]