The Financial Services Authority (FSA) is simplifying how it collects information from the companies it regulates by replacing a range of reporting systems with a single system.
The Gathering Better Regulatory Information Electronically system (Gabriel) will be introduced in the second half of this year. It will replace older FSA systems, including Firms Online, and paper collection processes, some of which were inherited from earlier regulators.
The FSA said Gabriel will make reporting easier for regulated firms and improve the accuracy of information collected by the FSA. Gabriel will also ensure it can expand to regulate more than the 28,000 firms it currently regulates.
Companies regulated by the FSA need to report information such as their balance sheet, operating risk, as well as non-financial data on issues such as training.
"It will ease the regulatory burden on the financial services industry by making regulatory reporting simpler and easier, while at the same time tightening compliance by improving the accuracy and consistency of information within the FSA," said the financial services watchdog.
"The system will enable the FSA and the firms we regulate to operate against a clear, consolidated reporting schedule, removing much of the complexity inherent today," it said. "The FSA is an information driven business and the technology infrastructure supporting information flow is vital."
The system is being built using standard XML technology with support from Capgemini and is being implemented by Fujitsu.