The Financial Services Authority (FSA), the UK’s statutory regulator for the financial services industry, has awarded a £6.5 million contract to design and build its new Mandatory Electronic Reporting (MER) system to Capgemini UK.
The FSA says that the new system, scheduled for implementation from July 2008, will ease the regulatory burden on the financial services industry by making regulatory reporting simpler and easier, while at the same time tightening compliance by improving the accuracy, consistency and availability of information within the FSA.
The system will be designed to enable the FSA and the 25,000 businesses business it regulates to operate against a clearer, consolidated reporting schedule, removing the current complexity of procedures.
It will provide the flexibility to more easily amend the reporting required as new legislation takes effect or the scope of the FSA’s activities changes.
The deal will also provide it with the scalability to handle expansion in the numbers and types of organisations within the FSA’s regulatory remit beyond the current total of approximately 28,000 businesses.