FSA pays up for outsourcing

The UK's financial watchdog theFinancial Services Authority (FSA) has signed a four-year deal with the financial services arm of supplier Capgemini.

The contract covers applications development and maintenance and will cover strategic projects involving the IT applications required to support the FSA's regulatory responsibilities.

No contract value has been released, though the parties claim the deal will deliver "value for money," as well as "the flexibility to address the regulatory change agenda for the next four years".

FSA has been a partner of the FSA since 2006, having 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 body.