FCA launches RegData platform

The FCA has announced the launch of a new data collection platform, RegData.

The regulator said that RegData, which will replace Gabriel as the FCA’s data collection platform, is informed by user feedback, is faster, easier to use and built with flexible technology, making it possible to fix issues quicker and to make ongoing improvements to user experience.

The platform upgrade is central to the FCA’s Data Strategy, which outlines plans to harness regulatory data and advanced analytics to transform the process of financial regulation.

The change comes after the FCA launched a consultation to assess experience of the Gabriel platform for reporting purposes, and informed regulated entities of plans to move 120,000 users and data from 52,000 firms from Gabriel to RegData.

The consultation identified three key areas for improvement, including access the system and speed of support functions when accessing Gabriel.

New features available in RegData include: faster reporting submissions, easier information finding within RegData and on the FCA website, a series of online resources including individual explainer videos and user guides for each aspect of the functionality in RegData.

There will also be a single sign on with username and password for Connect and the RegData platform.

There will also be clearer signposting for reporting schedules and enhancements to the process of data submissions.

Announcing the move, the FCA stated: “We are moving firms and their users to RegData in groups to minimise impact on firms. Firms’ moving dates are determined by their reporting requirements. Firms can find out what to expect from the move and from RegData by watching our short videos or visiting our page on Moving Your Firm to RegData.”

It added:“All users must register for RegData ahead of their move by logging in to Gabriel and completing the one-time registration when prompted. Until they are moved, firms should continue reporting via Gabriel using their existing Gabriel login details.”

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