TheFinancial Services Authority(FSA) has
awarded a £6.5m contract to
Capgemini to design and build its new Mandatory Electronic
Reporting (Mer) system.
The custom-designed Mer system will replace a diverse mixture of
IT systems that the FSA inherited from its various predecessor
regulators.
It is expected to increase efficiency within the FSA by
substantially reducing paperwork and clerical processing.
The FSA said the new system, scheduled for implementation from
July 2008, will ease the regulatory burden on the financial
services industry by making regulatory reporting simpler and
easier.
It will also tighten
compliance by improving the accuracy, consistency and
availability of information within the FSA.
The system will enable the organisation and every business it
regulates to operate against a clear, consolidated reporting
schedule, removing much of the complexity that currently
exists.
It will also provide the flexibility to more easily amend the
reporting required as new legislation takes effect, or the scope of
the FSA's activities changes.
The project is the first major piece of work to be contracted
under a long-term application delivery framework signed between the
FSA and Capgemini in July 2006.
Graeme Ashley Fenn, director of contact, revenue and information
management at the FSA, said, "The Mer system is of fundamental
importance as the FSA delivers against its promises to the
industry. We are looking forward to building a world-leading
regulatory reporting solution."
About 80% of 60-strong Capgemini project team will be based at
the Capgemini Application Development Centre in
Mumbai, India.