The Financial Conduct Authority (FCA) has published a communication sent to firms on 17 March 2014 to inform them that the GABRIEL reporting system is ready to receive submissions for common reporting (COREP) and financial reporting (FINREP) from 1 April
2014. As the FCA is making changes to reporting schedules in another system, firms are requested to log into the GABRIEL system to check whether their schedule is correct on 1 April. Firms subject to FINREP will see their reporting schedules appear for periods
ending after 1 July 2014.
The communication also gives information on the FCA's changed approach to validation errors that are contained in the current taxonomy which are being resolved by the European Banking Authority. A decision has been made that failures against validation rules
will no longer result in a file rejection, rather a “warning” will be sent to firms. Only the first 50 validation warnings will be returned to the user and firms are reminded of their responsibility to provide accurate reporting data.