The UK's Financial Conduct Authority wants to improve the way in which it collects data from firms and is therefore scrapping Gabriel, its venerable data collection system.

Gabriel is the main system that the FCA uses to collect data, facilitating the collection of over 500,000 submissions annually from about 120,000 people and 52,000 firms.

Work is at an early stage. The FCA says that the new system will be easy to use and adaptable to its changing needs. The early changes will all involve the IT that the FCA uses, so there will be no initial change to the way in which firms send the FCA their information. The FCA looks forwards to the new technology allowing it to detect trends more quickly.

Now is the time for firms to tell the FCA what they really think about its data-gathering habits by completing its survey at https://www.fcaonlinesurveys.org.uk/jfe/form/SV_6MDeKfQBn2I07J3.

The FCA promises to keep everyone informed in the occasional bulletin.