The FCA has revealed that 50% of authorised firms previously using the Gabriel data reporting system have moved across to the regulator’s new RegData data collection system.

Gabriel and RegData returns are made by authorised and regulated firms to keep the FCA informed about the regulated business they transact.

The FCA is moving 120,000 users and 52,000 firms from Gabriel to RegData with remaining users who have not moved across so far being moved across in stages.

The FCA says the shift to the new system supports its move to become a more data-focused regulator.

The regulator says the benefits of using RegData include increased speed and faster navigation, easier access to information within RegData, improved messaging and signposting, new online resources and single sign-on between Connect and RegData.

The FCA said in a statement: “RegData is central to our data strategy which sets out our plan to harness the power of data and advanced analytics to transform financial regulation. We started moving firms over to RegData in October, with their moving dates determined by the nature of their reporting obligations and schedules. 

The watchdog says firms still using Gabriel should now register for RegData as more firms will be moved across to the new system over the next few months.

The main improvements in RegData are summarised in the FCA’s Welcome to RegData video.

The FCA is also conducting a survey on user experiences of the move short survey.