FCA prepares shift to new data collection platform RegData
The Financial Conduct Authority (FCA) is preparing to move firms across to its new data collection platform RegData.
The FCA will gradually firm firms across to the new platform
Since April, market participants have been signing up to the new data platform when accessing the FCA’s current system, Gabriel.
The FCA says that it has created RegData in response to industry feedback it has received about the Gabriel system over the past three years.
Firms flagged issues on speed of access, ability to view reporting schedules, and submission issues and validation problems.
“We took this feedback into account, and while RegData will look similar to Gabriel, there will be a number of improvements,” writes the FCA.
“It will be faster and more accessible, the system will be able to send notifications for multiple users and the reporting schedules will be more user friendly.”
The shift to RegData is part of the FCA’s ongoing 2020 data strategy, which the regulator has stated will enable it to be smarter in the way it uses analytics in its role.
Earlier this year the FCA and the Bank of England (BoE) announced that both regulators would jointly develop in-house data systems.
