The FCA is to launch a new platform to replace Gabriel, it’s main tool for collecting data from financial adviser firms.

Gabriel returns are a key part of adviser firms’ regulatory obligations.

Some 500,00 Gabriel returns are submitted annually by 52,000 firms.

The regulator has launched a survey to gather advisers views on the best way to improve data collection prior to making significant changes.

It wants to replace Gabriel with a new platform which will allow it to more quickly identify issues and intervene if necessary. The regulator has been criticised recently for being slow to respond to problem firms.

The survey can be accessed here: feedback survey

In a message to advisers the FCA 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 your views to help with this.

“Gabriel is our main regulatory data collection system, facilitating the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms.”

The regulator said that work is at an early stage and no timeframe has been given.

It plans to replace Gabriel with an “an easy-to-use system” that is efficient for adviser firms.

Early changes to the current platform will be technology focused, so adviser firms can continue to provide data in the current way for some time. There will be “more significant improvements in the future,” said the regulator, after feedback from users.

The watchdog said the changes were being carried out to “deepen our understanding of markets and consumers, and more swiftly identify, appropriately intervene and remediate issues to minimise harm.”