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FSA stamps seal on IT services deal

FSA stamps seal on IT services deal

Regulator is in time of transition to two successor organisations

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The soon-to-be-disbanded Financial Services Authority has signed a framework agreement with Capgemini Financial Services for application development and maintenance, covering itself during a transition to two successor bodies.

The deal is for a four-year period between this year and 2014. Next year, the FSA will be replaced by the new Prudential Regulatory Authority (PRA) – part of the Bank of England – and the Financial Conduct Authority (FCA), a new government agency.

Earlier this year the FSA signed another framework deal with Steria to "support and develop operational and regulatory systems". That deal allows Steria to bid across the IT areas of infrastructure, applications management and BPO (business process outsourcing).

Under the new deal, Capgemini said it will 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 supplier will deliver services to the FSA from both the UK and India.

Gareth Lewis, chief information officer at the FSA, said the regulator had a "longstanding relationship" with Capgemini. The supplier has worked with the FSA since 2006, and designed and built a number of its core systems including its Mandatory Electronic Reporting System (MER), which is billed as simplifying regulatory reporting.

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