The FSA's latest reporting system for intermediaries, Gabriel, has been suspended due to technical glitches.
The system has been introduced to replace the retail mediation activities return (RMAR) and was due to be rolled out to firms during October and November.
Gabriel is designed to collect, validate and store relevant regulatory data from around 6,500 financial intermediaries.
However, many will now see their deadline to move to the new system extended due to problems with the technology.
Firms affected by the problems received an e-mail this morning, which says: “We are experiencing a high level of demand on Gabriel due to firms activating their accounts.
“Given this we are asking you NOT to attempt to activate your account until we send you a further email specifically asking you to start activation. We will extend your submission period for your forthcoming return to reflect this. The exact details on this will be provided in our next email.”
The e-mail also requests advisers do not phone the customer contact centre as it is also dealing with a high volume of calls.
Earlier this month, the FSA revealed Gabriel was not properly recording certain data items, and requested intermediaries save draft information seperately until the issue was resolved.
Thousands of firms are likely to be affected by the glitch and will not be able to begin using the new reporting system until further notice is received from the FSA.
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Have your say:
"First we were told that our activation code would be received no later than the 7th October. I had to call them on this day to receive it. Then informed that some sections could not be completed until 24th October. As you have reported this has failed “System too busy”.
When I called the call centre staff were very sympathetic and apologised. But how can I be expected to keep going back to see if the system is working. This is very time consuming and wasteful. If they need a company who can supply correct servers or software get them to contact me. My Sons company will sort it.
This is very poor." Brian Samuels, Lifestyle Financial Management
"I had major problems with my first reporting. FSA 0031 was asked for instead of 0032. No one had explained the changes to RAG status and the notes very helpfully referred us as usual to some unintelligible section of the rule book. How much money has been wasted on this and the RMAR? The latter had not been given time before it is being changed. It is about time the FSA was made accountable for its lamentable failures to comply with the parliamentary principles of the FSMA that created it. Proportionality between IFAs and Northern Rock et al comes to mind. The fact that they did not even take the proper notes at meetings beggars believe given the holier than thou attitude conveyed.
This is the first time I have ever responded to the press but I am becoming so incensed by the self serving attitude and the excuses we keep hearing. The whole organisation should be scrapped. No bonuses paid and practioneers put in place who actually know how the systems in the financial markets work." Nigel J HemmingIFAonline
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