UK’s Financial Conduct Authority Announces Benefits of Using RegData, a New Data Collection Tool

The UK’s Financial Conduct Authority (FCA) recently announced the benefits of its new data collection platform, called RegData.

The FCA noted that RegData would be replacing Gabriel as the regulator’s data collection platform. The FCA confirmed that RegData is “informed by user feedback, is faster, easier to use and built with flexible technology, making it possible to fix issues quicker and to make ongoing improvements to user experience.”

The FCA also mentioned that RegData is key to its overall Data Strategy which outlines the agency’s plan to “harness the power of data and advanced analytics to transform financial regulation.”

Last year, the FCA had asked UK companies and other users to tell them about their experience with using Gabriel and the agency met with local firms to “explore their feedback.”

The FCA stated:

“As well as informing our plans to move 120,000 users and the data of 52,000 firms across from Gabriel to RegData, [local firms helped with] identifying 3 key areas for improvement in Gabriel, for which we have made initial enhancements in RegData.”

The FCA pointed out that it “will be faster and easier to navigate and complete submissions” when using RegData because of “user journey improvements.” It will also be easier “to find information within RegData and on the FCA website,” the regulator claims. The FCA also mentioned that they’ve “improved messaging and signposting so that success or error messages are clearer.”

Improvements have also been made to “the layout of a firm’s schedule and submission history.” A company’s reporting schedule in RegData will “have improved navigation and functionality, with messages that make it clearer when data items are due and overdue,” the FCA noted.

There are better guidelines when “making data submissions and enhancements to the data validation feature,” the FCA confirmed. (Note: for more detailed information on these updates, check here.)

The FCA stated:

“We are moving firms and their users to RegData in groups to minimize impact on firms. Firms’ moving dates are determined by their reporting requirements….All users must register for RegData ahead of their move by logging in to Gabriel and completing the one-time registration when prompted. Until they are moved, firms should continue reporting via Gabriel using their existing Gabriel login details.”

Earlier this month, the FCA had announced certain changes which are aimed at limiting the “risk of disruption” to Open Banking services after Brexit.

The FCA’s changes are intended to allow UK-headquartered third-party providers (TPPs) to use an alternative to eIDAS certificates to gain access to customer account details from service providers, or initiate digital payments, following Brexit. Companies or businesses need to act in order to ensure they’re able to continue to offer Open Banking-related services.

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