The Financial Conduct Authority (FCA) is replacing its Gabriel regulatory reporting system with RegData starting from October 17 and 18.
The FCA first announced the changes back in June and now the first of the 120,000 users and 52,000 FCA authorised firms will be moved across this weekend.
More firms will be moved in stages in the coming months.
The FCA said the new system will work in a similar way to Gabriel, but it will feature improvements based on feedback from the industry.
Firms can use the new RegData system to submit regulatory data; view a tailored schedule of reporting requirements; view all submissions in one place and print data items.
A statement from the FCA said: “In 2019, we asked firms and other users to provide feedback on their experiences of using Gabriel.
“Firm feedback identified areas for improvements which we factored in when building the first iteration of RegData.
“RegData is faster than Gabriel, easier to use, and is built with more flexible technology so we can fix issues quickly and continue to improve the user experience.”
Paul Guy, Automotive Compliance founder and director, said that for those motor dealers with appointed representatives, there is nothing they need to do, as the responsibility for completing Gabriel returns falls with the principal firm.
Motor dealers’ appointed representatives will need to prepare for the change to the new RegData system and the FCA has put together explainer videos and step-by-step user guides to help with the transition.
What happens next
Each FCA registered business will receive direct emails from Gabriel advising them of their moving date.
These thee emails will be sent to firms three weeks, five days and one day before they move to RegData.
Compliance consultants will receive reminders for every firm their user account is currently associated with in Gabriel.
Firms will not be able to access RegData until they and their users’ data have been moved across from Gabriel.
Until then, the FCA said they should continue to report via Gabriel, using their existing Gabriel login details.