Capgemini developing £6.5 million FSA reporting system

The Financial Services Authority, the regulator for the UK's financial services industry, has picked Capgemini UK to develop a new £6.5 million reporting system for 28,000 businesses.

The new custom-designed Mandatory Electronic Reporting (MER) system, set for launch in the summer of 2008, will help the FSA and the 28,000 firms it regulates reduce paperwork while improving accuracy and therefore compliance, the FSA said.

"The MER system is of fundamental importance as the FSA delivers against its promises to the industry," said Graeme Ashley Fenn, director of contact, revenue and information management at the FSA, in a statement.

The MER is expected to allow the FSA to set out simplified reporting schedules and allow more flexibility to change reporting rules as new legislation takes place, the regulator said. The bespoke system will also be scalable, allowing the FSA to increase the number of organisations it watches.

The bespoke platform will replace systems inherited by the body from its predecessor organisations and will sit on the regulator's £80 in new and outsourced IT infrastructure, currently being implemented by Fujitsu Services.

Jason McLean, vice president of financial services sector at Capgemini UK said in a statement: 'This project is crucial both to the FSA and to the whole financial services industry, and we are privileged to be entrusted with the challenge of seeing it through to a successful conclusion.'

The FSA and Capgemini signed a long-term framework contract in 2006. The MER system will be the first major project delivered under that deal.

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