FSA signs IS outsourcing contact with three service providers

The Financial Services Authority (FSA), which regulates the financial services industry, has signed a four-year agreement with Capgemini, Tata Consultancy Services (TCS) and Xansa to transform its Information Systems Division's capability.

"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," said Darryl Salmons, IS Director at the FSA.

Capgemini, Tata Consultancy and Xansa were selected because of their “cultural fit and strong track records in the UK financial services industry”, according to the FSA.

The 2005 a review of the FSA’s IT function, commissioned by the then newly appointed IT director Salmons, recommended the selection of three external suppliers, saying that “the FSA’s IS organisation is very immature and is far short of being efficient”.