Dealer’s Who Use The FCA Gabriel System Should Be Prepared For An Update
- July 24, 2019
- Posted by: John Swift
- Category: Automotive Industry
Car dealers are being asked for their views on a new system that the Financial Conduct Authority (FCA) aims to introduce. The system will make it easier for the user to upload data and the authority to spot and intervene sooner on any issues it flags up.
The FCA Gabriel system is its main regulatory data collection system, gathering more than 500,000 submissions annually, across 120,000 users and 52,000 businesses.
Work has already begun on updating the system but the FCA says that while in the early stages users won’t notice much difference further changes will be made once it has analysed responses from companies.
An FCA spokesman said:
“We have started work to improve the way we collect data from firms and plan to move to a new platform for our data collection systems, which will include replacing Gabriel. We want to implement an easy-to-use system so that you can submit data to us in a way that is efficient for you and through a system and approach that can be adapted to our changing needs.
“Early changes to our platform will be technology-focused, so initially there will be no change to the way you currently provide data to us. We will make more significant improvements in the future, having considered the feedback we receive from users.
“This work is central to our Data Strategy, which is designed to help us deepen our understanding of markets and consumers, and more swiftly identify, appropriately intervene and remediate issues to minimise harm. This new data collection platform supports our Digital Regulatory Reporting work which is exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. We will communicate further on our Data Strategy plans later this year.”
Your Chance To Give Feedback
It is asking dealers to complete an online survey and response form so their concerns and views can be considered. During the transformation process, the FCA plans a programme to keep businesses up to speed with its progress and the changes they need to make to their processes to remain compliant.
“We will work with you during the development and transition to the new platform. Along with the feedback survey, we will run a programme of events and activities to capture your views and test the new platform. This will help us shape how the system will work better for you.
“We will provide updates on progress and we plan to publish the feedback to this survey later this year. We will then speak with stakeholders to discuss the feedback themes and plans for our data collection systems.”
To complete the study click here