Important changes are predicted for NACFB financial reporting compliance
It has recently been announced that the Financial Conduct Authority (FCA) is to replace its long-standing GABRIEL reporting system with an innovative new data collection platform. Although the move is expected to be confirmed very shortly, at this point in time it is not clear exactly what changes the new platform will include. It has been stressed, however, that the FCA is offering NACFB Members the opportunity to share their own thoughts and opinions on the current GABRIEL system and how they feel the new financial reporting compliance platform could provide improvements.
At Synergy Commercial Finance we broadly welcome the proposed move to replace GABRIEL with a new and hopefully much improved data collection platform. We would also agree that if the new financial reporting compliance platform is to meet the changing demands of today’s commercial finance sector then it is in their interests for as many NACFB members as possible to respond to the survey.
Details of the survey can be found here: survey.webloc
The FCA says that this work is still at an early stage, but they stress that they want to implement an easy-to-use financial reporting compliance system that users can access in order to submit data to them in a way that is efficient and via a system and approach that can be adapted to the needs of the FCA.
The FCA also says that it is currently exploring how technology can make it easier for firms and individuals to meet their financial reporting compliance obligations and at the same time to improve the quality of information they provide.
Change of this nature and magnitude could no doubt be the cause of a certain level of uncertainty for many of the brokers affected. At Synergy, however, all our national network of ARs need have no such worries because as part of our broker support service we can confirm that the Group’s Compliance division will be looking after all the changes on behalf of our network members. The changes, when they come, will be quickly and seamlessly integrated into our support system so that our ARs can continue to operate compliantly and efficiently without any undue stress or concerns.
For other brokers who are regulated by the FCA, and who are not members of the Synergy network, the chances are that they will have to manage the changes by themselves. What this will entail and just how much effort and time will need to be invested – no one, it seems, can predict with any certainty.
If you are a commercial finance broker, possibly concerned about the financial reporting compliance changes that are in the offing, and you would like to know more about all the benefits and support offered by Synergy Commercial Finance, then please do not hesitate to contact us. You can call us on 01904 481 786. You can also email: firstname.lastname@example.org or you can send a message using the online form on our Contact page.