FCA unveils 'flexible' Gabriel replacement RegData

The regulator has outlined everything financial firms need to do ahead of their switches to the new reporting system.

It said firms would be moved in stages and that they must: make sure they have up-to-date contact details in Gabriel beforehand; have the correct nominated principal user and assigned administer rights; and have accurate information about all users, with non-active users disabled in the software.

Firms will be contacted directly by the FCA ahead of their move to the new system, the watchdog said, and businesses should use Gabriel as normal until they are moved to RegData.

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As with Gabriel, the regulator added, firms will be able to submit regulatory data, view a tailored schedule of reporting requirements and view submissions in one place on the new software. However, it said, RegData was built with "more flexible technology" so issues can be fixed faster and user experience can be improved.

It also said it would provide firms with user guides and explainer videos to help them get used to the new system once it has been launched. It said firms would still submit the same data as before on the new platform.

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