Can Gabriel be made better?
On 16/07/2019 the FCA published the news that they’re planning to replace Gabriel.
Gabriel is the regulators main data collection system. It facilitates the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms.
Many users will welcome the news. Since it’s introduction in 2008 the system has been plagued with a series of major outages as well as criticised as being overly complex and onerous to use.
What is changing
The FCA have indicated that work is at an early stage. “We want to implement an easy-to-use system so (data can be submitted) in a way that is efficient … through a system and approach that can be adapted to … changing needs. Early changes to our platform will be technology focused, so initially there will be no change. We will make more significant improvements in the future, having considered the feedback we receive from users.
“This work is central to our Data Strategy, which is designed to help us deepen our understanding of markets and consumers, and more swiftly identify, appropriately intervene and remediate issues to minimise harm. This new data collection platform supports our Digital Regulatory Reporting work which is exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide.”
Listening to users
FCA are very mindful of previous issues with the system and want to ensure it’s created with input from users. “We will work with (users) during the development and transition to the new platform. … We will run a programme of events and activities to capture … views and test the new platform. This will help us shape how the system will work better.”
To have your say and contribute to the development of the new reporting system click here to complete the FCA survey.