FSA's Gabriel system breaks under pressure

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...