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18 August 2006
The Financial Services Authority (FSA) has signed a four year agreement with outsourcing and technology company Xansa, to transform its Information Systems (IS) Division capability.
This transformation will enable the FSA to deliver a large portfolio of business applications more effectively and companies regulated by the FSA will benefit from greater simplicity when submitting compliance-related information.
Working alongside two other suppliers, Xansa will support the rapid technology improvements and growing workload within the FSA, enabling it to focus on core tasks such as the merging of activities from 11 regulatory bodies. This will encompass the FSA's Delta programme, which aims to transform the Information Systems (IS) Division's capabilities.
"In 2005, the IS Division conducted an effectiveness review and concluded that it needed to progress the transformation of the division," said Darryl Salmons, CIO at the FSA. "Through the support of Xansa, and our other partners, the FSA can deliver a large portfolio of business applications at the same time. This will give us the flexibility needed to meet the challenges any modern regulator faces. The agreement also enables us to strengthen the alignment between our business direction and IS systems."
The FSA also cited Xansa's cultural fit, integrated model and strong track record in the UK financial services industry among the reasons for choosing Xansa.
"Compliance is a complex process that allows no margin for error," said Alistair Cox, Chief Executive, Xansa. "The agreement benefits both sides, enabling the FSA to achieve greater efficiency, as well as making it easier for companies to meet and understand compliance requirements."
