UK’s Financial Conduct Authority suffers IT incident on regulatory data system
Gabriel’s not angelic this time
The UK’s Financial Conduct Authority (FCA) had an IT incident on its online system, Gabriel, for collecting and storing regulatory data from firms.
Due to the “unexpected IT incident”, it was unable to implement Taxonomy 2.4.1.1, which came into effect on 1 October. Those firms who were required to comply with the Capital Requirements Directive IV (CRD IV) were therefore unable to submit data using Taxonomy 2.4.1.1.
The FCA says: “At this stage we are targeting either Monday 17 October or Monday 24 October when the Taxonomy will be available on Gabriel. We encourage you to continue to use the Pre-Production Test Environment that is available in order to prepare and test your T2.4.1.1 files.”
It says it will provide a further update next week, or will notify firms sooner if the Taxonomy is implemented so that people can submit the new T2.4.1.1 returns.
The episode is a pain for the customers of reporting systems that don’t support a history of reporting Taxonomies as they can’t report until this is fixed or they have to go back to the previous release.
Banking Technology contacted the FCA regards the incident.
A spokesperson says: “As background the update was delayed because of the IT incident we had a couple of weeks ago.”
That previous event involved a “physical hardware incident at a supplier’s data centre”.
The FCA said at the time it put in place recovery arrangements and they operated as planned; and that the majority of its systems are now operating again.
