Capgemini Financial Services, a global business unit of the Capgemini Group, has been selected in the competitive bidding to supply IT outsourcing services to the UK Financial Services Authority in a framework agreement covering applications development and applications maintenance for the four-year period 2011-2014.
Under the agreement Capgemini will work with the FSA on strategic projects involving the IT applications required to support the FSA's regulatory responsibilities. The framework agreement has been designed to give the FSA value for money and the flexibility to address the regulatory change agenda for the next four years. Capgemini will work in close collaboration with the FSA and its suppliers to help the FSA ensure that its systems remain fully attuned to regulatory reform in the UK as well as any changes that are introduced at EU level. The systems in scope will also support the transition to the new regulatory structure in the run-up to 2013 and beyond.
The agreement, known as the Strategic Outsourcing Framework Agreement (SOFA) follows a mandatory competitive bidding process under EU procurement directives. The FSA says that Capgemini was successful because of its in-depth knowledge of financial sector regulation, its collaborative ethos and its cost-effective proposals based on its Rightshore® delivery model, with the Capgemini FSA delivery teams located in the UK and India.
Gareth Lewis, Chief Information Officer at the FSA, said: 'Capgemini have a longstanding relationship with the FSA and during this time have demonstrated their understanding of the regulatory environment. My team and I look forward to working with them over the next four years.'
Capgemini has worked with the FSA since 2006 and has successfully designed and built a number of its core systems including its Mandatory Electronic Reporting System (MER) which has simplified regulatory reporting for the financial services industry while tightening compliance for the FSA.
Andy Lees, Head of Capgemini Financial Services UK, said: 'We look forward to working with the FSA during a period of significant change for financial industry regulation in the UK as it migrates to the twin peaks model, and to helping them address the challenges and opportunities involved.'