06 Mar FCA announce changes to Connect and GABRIEL
The APCC recently attended an FCA data strategy workshop.
The key points for members:
1. The starting point of data for the FCA is the contact details they hold for authorised firms. All firms are now required to update their information on CONNECT at least annually. Of key interest to members is that from April 2020 onwards the FCA register will show the date of the last update of the information. This is to help consumers as they will realise the information may be out of date. For your clients it will therefore be a matter of public record that the information is out of date. FCA believe a significant proportion of the contact details on the register are still incorrect.
2. The FCA is moving towards a more data led strategy and this will change the data that they require. The FCA is conscious of the burden its information requests may place on firms and does try to monitor this. If a firm believes they have been included in too many requests they should approach the regulator to see if some requests can be modified.
3. FCA are engaging with trade bodies including the FCA on their new strategy.
4. The new GABRIEL will improve functionality but will not change the data that is being gathered. Longer term, the FCA are reviewing whether the data they currently obtain is fit for purpose. The new platform will allow the regulator to amend returns far more easily than now.
5. When the new GABRIEL comes in login will be via CONNECT. This will allow move towards one login for all FCA systems. Each GABRIEL user will be required to revalidate their login details. Where an individual, such as a consultant, has access to many firms they will have to revalidate on a firm by firm basis.
6. FCA are looking into the possibility of GABRIEL users being able to establish sub-users. If implemented, subject to overall permission from the PU, this would allow consulting firms to have one master user and set up their team with their own individual logins.
7. FCA commented on SMCR training. They do not believe that some e-learning or short generic training meets their requirements. We are expecting to hear more about the FCA’s views on this at the APCC Spring Conference where Peter Ewing from the SMCR team is due to speak.