The regulator made the announcement as part of its Business Plan 2020/21 which was published today, saying it was focusing investment on technology.
It said the replacement system would improve the user experience and combine with its Connect system.
“We want to use technology to reduce the burden of regulatory reporting on firms. We will replace our Gabriel system with a new platform for collecting firms’ data,” it said.
“This will provide an improved user experience and will include a single identity log on with our Connect system.
“Following our Viability Assessment we, along with the Bank [of England], will take forward our work on Digital Regulatory Reporting (DRR).”
The FCA added that it will explore “if and how to expand our sandbox services to foster and encourage the wider adoption of appropriate technologies, particularly for RegTech”.