FSA outsources application development

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The Financial Services Authority (FSA) has signed a four-year application development framework (ADF) outsourcing agreement with Capgemini, Tata Consultancy Services (TCS) and Xansa.

The decision to take the weight off the internal information systems (IS) function and distribute it amongst key vendors was prompted by an effectiveness review commissioned by the FSA last year, according to FSA IS director Darryl Salmons.

"The agreement enables us to strengthen the alignment with our business priorities and will give us the flexibility to meet the challenges facing a modern regulator," he said.

"We are delighted that with the support of our application development partners, the FSA will be able to deliver a large portfolio of business applications more effectively."

The subsequent technology transformation will simplify the submitting of compliance-related information, according to Xansa, one of the partners involved in the new structure.

"Compliance is a complex process that allows no margin for error," said Alistair Cox, chief executive of Xansa.

"The agreement benefits both sides, enabling the FSA to achieve greater efficiency, as well as making it easier for the customer to meet and understand compliance requirements."

The FSA says it chose the three technology vendors because of their track record in the UK financial services industry and cultural fit.

Just last week Xansa signed a five-year business process outsourcing (BPO) deal with Lloyds TSB to enable the financial services giant to focus on its core technology infrastructure.

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