Gathering Better Regulatory Information Electronically
All fully authorised Consumer Credit Firms have to file periodic returns to the regulator; and that means using FCA’s GABRIEL reporting system.
As soon as a Consumer Credit firm receives confirmation that full authorisation has been granted it needs to start preparing reports. The frequency and types of reports that a firm must submit depends on the size and nature of its business.
For most firms regulatory returns will have to be submitted either 6 monthly or annually. The main exceptions to this is for Home Collected Credit Firms and Payday Lenders, who must also submit quarterly Product Sales Data.
Whatever the reporting period the information a firm is required to submit includes financial data, transaction volumes and complaints data. Lenders, Debt Management firms, Debt Collection and Credit Brokers are required to provide additional information specific to their business type. Firms with limited permissions are only required to submit what is known as Key Data.
GABRIEL or Gathering Better Regulatory Information Electronically, is an on line reporting system created by the FCA for firms to report to them. Once a firm is authorised it receives details on how to register. When logged onto GABRIEL the required reports and due dates are shown clearly. Reporting dates are generally dictated by a firm’s annual accounting reference date.
GABRIEL sends email alerts to help remind firms of their reporting dates. Failure to submit a report on time results in an automatic fine of £250. Repeated failure to submit can result in the FCA taking enforcement action against the firm.
Creating and embedding reliable processes helps firms to ensure that they can submit timely reporting. Using the right systems also makes reporting more efficient and a far less onerous task than it might be. By taking the right steps to prepare firms can easily avoid fines, enforcement and unwanted regulatory attention.