On 21 January 2021, the FCA published a press release announcing that 50% of firms who have previously submitted their regulatory reporting on Gabriel are now using RegData. The FCA stated that it will continue to move firms across to RegData over the next few months and urged firms that are still using Gabriel to register for RegData.
If you have not yet made the transition to RegData, you need to go to the FCA’s Connect system and make sure you are set up there properly. When your next FCA filing is due, you use the same credentials.
This is all part of the FCA’s plans to overhaul and update their systems so they are easier to use and provide more information to you as a user, and also to them as the regulatory body.
At each filing deadline, you need to remember your FCA credentials and make sure that you keep good financial records so you have the necessary data about your firm available, every time you file.
The FCA also say that RegData will give them a better foundation on which to develop the reporting platform well into the future, so they can capture different, changing and relevant information from regulated individuals and firms on an ongoing basis.
In simple terms, it probably means the FCA are going to start asking for different information in addition to what you currently provide. Having a flexible and reliable system for handling this is going to become more important to you in future.
At MyGabriel, we have spent the best part of 10 years developing and refining a cloud software solution that helps you keep good financial records, in a simple easily understood manner, and then deals with filing your twice-yearly Gabriel / Reg Data returns direct to the FCA.
With MyGabriel, you do not have to log into the FCA’s system – enter your credentials once in MyGabriel and it remembers them for you so you are instantly ready next time you have to file a return.
If you use MyGabriel to keep your financial records, relevant data will automatically flow to your Gabriel / RegData report. If you want to carry on using your existing accounting software, this is not a problem and we will show you how to make the necessary entries in MyGabriel.
We have many customers who now successfully file their Gabriel / RegData return within 15 minutes – how long do you currently spend on this task? Take a look at one of our social media channels to see the hundreds of endorsements we have received from happy users.
For a no obligation, remote demonstration of MyGabriel, please call us on 0161 413 5070 or email email@example.com and we will give you a quick tour and show you how it can save you hours of time.