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FCA Gabriel system hit by technical problems

The FCA’s Gabriel reporting system has been hit by technical problems for several days, leaving firms unable to submit their regulatory returns.

A notice on the Gabriel page of the FCA’s website says it is receiving high volumes of data and firms should avoid using the system during mid-morning and mid-afternoon.

The issues began on Wednesday and are still unresolved.

It is understood the problems are caused by an upcoming deadline for alternative investment fund managers to submit their returns by this weekend.

The message on the Gabriel site says: “We are currently receiving high volumes of data and some users may experience slow performance issues.

“We recommend that you save your data regularly and avoid using the system during busy periods of the day, such as mid-morning and mid-afternoon.”

Advisers use the Gabriel system to submit their retail mediation activities return twice a year. 

Page Russell director Tim Page says: “I tried to use the system yesterday and it was really slow and then crashed completely.

“The FCA knows when the deadlines are and that it will get peaks in activity around those times, so it should have the resources in place to cope.”

The FCA declined to comment further.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. I know these things happen

    But I think this just highlights a point that the whole regulatory structure is unfit for purpose, the rules, data input, conduct, cost and accountability

    I thought we were in a mess pre RDR and FSA but that’s nothing, compared to the current climate !

  2. Were not some banks fined for failures with their IT systems which inconvenienced their customers? Can we now expect the FCA to fine itself, I hope not as that will only increase the levy, However, clearly unless the FCA sanction themselves in some way there is yet another double standard applying.

  3. “I tried to use the system yesterday and it was really slow and then crashed completely”.

    No Tim, that’s how it normally operates.

  4. We're all doomed!!!!! 30th January 2015 at 3:43 pm

    This issue can be resolved – by investing in the IT system to give it additional capacity.

    But then…….the FCA would have to cut it’s spending on it’s swanky new offices, or incredibly high salaries (relative to the job type and area) and that wouldn’t do, would it?

  5. The FCA has still yet to explain what it does with all this data and therefore whether or not their submission is of any practical value to anyone. Or is it, as many of us strongly suspect, just regulation for its own sake?

    And just what does John Griffiths-Jones mean when he describes the FCA’s insistence on these returns as “pragmatic”? We don’t know that either. The definition of pragmatic is “dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations”. So what practical value do these RMA Returns serve? As far as we can tell, the FCA certainly doesn’t analyse their content with a view to heading off and nipping in the bud potentially unsavoury practices. They’re just a waste of everyone’s time and money.

  6. I hope they fine themselves as they would happly seize the opportunity to fine other players in the industry for technical failures.

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