Gabriel reporting – a new system in development

The Financial Conduct Authority (FCA) is undertaking a significant project to make changes to its current data collection system – Gabriel.  Gabriel, which stands for ‘gathering better regulatory information electronically’, has been criticised over the years for its complexity, but is looking to make considerable improvements to remedy this.  The FCA launched a survey earlier this year to shareholders, asking for their experiences of using the Gabriel system, with an opportunity to provide feedback and ideas to make the system more user-friendly.

The FCA has confirmed that work has begun in generating the new platform and it is in early stages with a focus on technology, so there will be no immediate change to the user.

Based on survey results so far, stakeholders’ suggestions have put a focus on three key areas for development:

• Access to Gabriel system
• Gabriel reporting schedule layout
• Data submission process

The FCA will continue to make changes when improvements are required but will ensure that stakeholders are provided with regular updates on the developments.

Head of EQ Professions, Mark Gibson, commented:

“It’s great that the FCA have proposed improvements that will make it easier to update information.  It is paramount that firms are submitting accurate financial information in a timely manner when completing a Gabriel form.  Failure to submit required information and to meet important deadlines can result in penalties. Our EQ Professions team are here to guide you through the process, should you require assistance in preparing accurate financial records.”

You can learn more about the next-steps for the new Gabriel platform by visiting the FCA website here.

Our EQ Professions specialists can provide you with accurate accounting information to assist in completion of the financial pages of the report.  If you are seeking assistance in completion of your Gabriel Report, please contact our EQ Professions team at professions@eqaccountants.co.uk or contact your local office.