The deadline is looming for many firms’ Gabriel reporting.
Parts of the return are easier to fill in – training and competence, complaints, PI policy details, for example.
But the accounting and capital adequacy sections need more preparation, as you will generally need to delve into management information or consult your accountant.
A lot of firms can get bogged down by Gabriel completion.
You can reduce stress by starting as soon as you can after the year-end, getting in some quick wins by completing the easier sections mentioned above, delegating specific sections to a staff member, while requesting accounts information from third parties if required.
It also helps if you have external compliance support, although you can always ring the FCA contact centre for assistance.
If using an accountant, make sure they are attuned to the specific needs of financial services firms, as Gabriel poses some unique challenges such as the treatment of goodwill in the capital adequacy calculation.
Completing the fee tariff data section accurately is important as it directly impacts next year’s FCA invoice. You do not want to declare unregulated income here as the invoice is calculated on regulated income only.
Sound preparation and timely completion helps you to avoid a £250 late submission fine and minimises disruption to your business.
Russell Facer is managing director of Threesixty