Brokers 'frustrated' with new Gabriel system.
The FSA has extended its deadline for brokers to submit data to its new reporting system, Gabriel.
Brokers using Gabriel, which replaced the retail mediation activities return in September, were concerned that the system was not working correctly.
The regulator had earlier told firms not to activate their Gabriel accounts after filing problems with the system.
One broker said: “It is frustrating that they [the FSA] are forcing us to report our financial details on a site that does not even work properly.”
Small firms face fines of £250 if they fail to submit data by their return date. However, the FSA said it had relaxed the rules and brokers would not be fined.
Brokers with due dates between 28 October and 14 November have been given an extra seven business days to file the information.
In a statement on its website, the FSA said: “There have been some performance and technical issues with the Gabriel system. We apologise for this and we are doing our best to resolve the issues as quickly as possible.
“In light of this, we are providing firms extra time to complete and submit their returns and we will not charge firms any late returns administrative fee while the technical issues remain.”
The FSA is also extending the system’s operating hours during November. Gabriel is now available from 8am to 10pm on Mondays to Thursdays. It was previously available from 8am to 5pm.
