With the snappy title of ‘RegData’, the FCA has today announced that they intend to gradually move all 52,000 firms to the new reporting system when it is launched. They are promoting the new RegData platform to be a more flexible technology and how they can ‘fix issues faster to improve user experience’.
The main changes have been stated as the improved speed of the system and reporting schedules to be more ‘user friendly’. RegData will also auto-save a user’s progress in data items every two minutes, and they have added the feature of useful help text throughout the platform.
As with Gabriel, you can use the new RegData system to:
The move to the new scheme is intended to minimise any disruption and firms moving dates will be based on the nature of the reporting obligations and schedules. You will need to transfer your users and user data prior to access and the FCA will contact the principal user(s) three weeks in advance of your allocated date then they will follow this up with a five day and one-day reminder.
To prepare for the move to RegData, all Gabriel users will be asked to complete a mandatory one-time registration activity next time you log in to Gabriel (this has been available since April).
The FCA is asking to check that you have:
Until your firm has been moved to the new platform, you should continue to use Gabriel and use your existing Gabriel login details.
Please get in touch if you have any questions regarding this!