New GABRIEL reporting requirements

Since the implementation of the Senior Managers and Certification Regime (SM&CR) in December 2019, firms will see an additional change in their Gabriel reporting requirements.

Firms are now required to complete a REP008, or Notification of Disciplinary Action relating to staff captured by the conduct rules.

Firms must notify the Financial Conduct Authority via the REP008 submission if they have taken disciplinary action against a person subject to the SM&CR conduct rules, in their last reporting period, where that person was found in breach.

For most firms, the reporting period is between last September and August. Disciplinary action against a person means issuing a formal written warning, suspension or dismissal of that person, or reducing or recovering any of that person’s remuneration. As a reminder, disciplinary actions against SMF managers for a breach of the conduct rules must be reported to the Financial Conduct Authority within 7 business days via the appropriate form and therefore should not be included within your REP008 submission.

The REP008 form should be completed by a firm to:

(a) make an annual notification of disciplinary action, if the reason for taking the disciplinary action is any action, failure to act or circumstance that amounts to a breach of the individual conduct rules set out in the FCA’s Code of Conduct or;

(b) To make follow up notification to update a notification that has been previously made by the firm in relation to (a); or

(c) confirm that there is nothing to be reported under (a) or (b)

How to complete 

The Financial Conduct Authority have a support template available on the FCA website which takes users through a step by step of how to complete the REP008 on the link below.

https://gabriel.fca.org.uk/specifications/MER/DRG/REP008/v3/REP008-Data-Definition.xlsx

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