The Model Office Blog

The FCA RegData and Digital Regulatory Reporting

[fa icon="calendar"] Jun 11, 2021 10:59:11 AM / by Chris Davies

As of May 2021, RegData completely replaced Gabriel as the FCA’s platform for data collection after a lengthy roll-out to 52,000 firms and 120,000 users. Firms and their users were moved to RegData in groups, based on their reporting requirements.

RegData features several improvements across three crucial areas, built on feedback from firms and other Gabriel users, which users told the FCA were important to them.

The FCA have published a collection of short RegData user guides and videos for users through the new platform. New technical packs are also available for firms who are required to use alternative submission methods, such as the Direct Submission Gateway and the Secure File Transfer Protocol.

This move from the GABRIEL system, to a more intuitive platform  must be viewed as progressive, although there is the issue that the same data points are requested which can be seen as a missed opportunity.

With the FCA’s digital regulatory reporting initiative, we have a real dynamic project that could and should make a huge positive impact in retail intermediary adviser firms regulatory reporting and compliance monitoring.

Ideally, this new system should be able to pull specific regulatory data from existing practice management technologies that firms use. Regulatory dashboards could be offered to showcase heat mapped areas of strength and weakness plus offer resources on how to improve regulatory performance over time. For example, adviser Training and Competence across:

  • Client file audits
  • Breaches
  • New business splits
  • Execution only
  • Annual suitability reviews 
  • Replacement business 
  • Complaints 
  • Cancellations/NTU rates 
  • CPD

This also applies to regulatory levies such as Professional Indemnity Insurance, (PII) in that each renewal application form could be pre-populated with back-office data and again dashboards offer trend analysis. Plus, PII underwriters could view strong data as a good indicator for risk management at the firm level. 

The technology capabilities are already here with Application Programming Interface (API) and the fact RegData is planning to offer such is an exciting prospect and with RegTech already offering heat mapped regulatory dashboards and compliance data analysis, firms could gain:

  1. Streamlined reports submitted automatically to save time and costs 
  2. Trend and theme performance analysis across key regulatory areas they are strong or weak in
  3. Resources to offer information and guidance on areas to improve regulatory data

Model Office are working with the FCA RegData team to provide such outcomes as the system already offers heat mapped regulatory dashboards, automated action planning and push alters to build a compliance calendar, the next stage is to work with practice management tech providers in offering a ‘data-lake’ so we can pull relevant data into our dashboards and push relevant data to the FCA’s RegData system, so we’re positive that RegData can further support the process for streamlining regulatory reporting.

Please click the below icon link to MO®'s #RegTech platform and learn more about MO® today..

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Topics: Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting, resilience, cyberrisk

Chris Davies

Written by Chris Davies

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