What is the role of the GABRIEL system in submissions to the Financial Conduct Authority?

The GABRIEL system plays a vital role in ensuring that the Financial Conduct Authority (FCA) is able to supervise insurer activities effectively. Its primary function is to provide a structured framework through which regulated firms, including insurers, can submit regulatory data to the FCA. This system is critical for the FCA's role in maintaining oversight of the financial services industry and ensuring regulatory compliance among insurers.

By using GABRIEL, insurers report various types of data that allow the FCA to monitor their financial health, compliance with regulations, and the treatment of customers, thus supporting broader market stability and consumer protection goals. The framework helps in standardizing reporting processes, making it easier for the FCA to analyze and act on the data received.

The other options do not accurately describe the primary function of GABRIEL. For instance, while claims and policies sold are important metrics for insurers, GABRIEL is not dedicated to tracking those figures specifically nor does it serve as a monthly report template focused on financial performance alone. Instead, it encompasses a broader range of regulatory oversight elements, affirming its role as a supervisory framework.