The UK Financial Conduct Authority reported it has completed the transfer of 52,000 firms and 120,000 users from data collection platform Gabriel to RegData. The transition started in October last year.
RegData is a data collection platform informed by user feedback. It is faster to navigate and easier to use. RegData builds on feedback from firms and other Gabriel users. Most importantly, the new platform has improvements across 3 areas which based on what users reported was important to them.
The FCA has published a range of short RegData videos to guide users through the full suite.
The UK regulator said that the changes were mainly technological but that has not affected the way firms provide data and data items and relevant forms have not changed as a result of the move.
Because of RegData’s flexible technology, the platform allows issues to be fixed quickly and to make ongoing improvements to user experience.
The FCA recently proposed a new Consumer Duty, which will put in place a higher level of protection in retail financial markets. The UK watchdog has proposed extending rules and principles to ensure firms provide a higher level of consumer protection consistently allowing consumers to have good outcomes from participation in the financial markets.
Earlier in April, the UK regulator released a new policy statement on its website announcing that all UK crypto firms must now submit financial crime reports on a yearly basis, regardless of annual revenue. Within the new financial crimes reporting sphere are cryptoasset business, following plans released eight months ago alluding to the policy change.
