The soon to be abolished Financial Services Authority (FSA) has added another key supplier, Cognizant, to its Strategic Outsourcing Framework Agreement (SOFA), also covering services under its successor organisations.
Cognizant will aim to help the FSA improve the reliability, scalability and flexibility of the IT systems and solutions that support the FSA’s market surveillance operations, supervisory analysis and risk management functions.
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.
Despite being on the way out, the FSA has recently signed IT services deals with both Capgemini and Steria. The services provided will support the transition to the FSA's succesor bodies and their own IT needs.
Cognizant has been awarded five service areas covering solutions consultancy, application development, application maintenance, testing, and web design and hosting. It will initially support a key market surveillance application used by the FSA to monitor compliance with the Markets in Financial Instruments Directive (MiFID II).
Tony Virdi, vice president of Cognizant’s banking and financial services practice, said his firm would "help the FSA streamline processes, minimise operating costs, enhance productivity and address the need for greater efficiency, innovation and collaboration".