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.’
Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing services, enables its clients to transform and perform through technologies. Capgemini provides its clients with insights and capabilities that boost their freedom to achieve superior results through a unique way of working, the Collaborative Business ExperienceTM. The Group relies on its global delivery model called Rightshore®, which aims to get the right balance of the best talent from multiple locations, working as one team to create and deliver the optimum solution for clients. Present in 40 countries, Capgemini reported 2010 global revenues of EUR 8.7 billion and employs around 110,000 people worldwide.
More information is available at www.capgemini.com.
Capgemini’s Financial Services Global Business Unit brings deep industry experience, innovative service offerings and next generation global delivery to serve the financial services industry. With a network of 17,000 professionals serving over 900 clients worldwide, Capgemini collaborates with leading banks, insurers and capital market companies to deliver business and IT solutions and thought leadership which create tangible value.
More information is available at www.capgemini.com/financialservices
Rightshore® is a trademark belonging to Capgemini
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