The Financial Services Authority has appointed Indian IT services firm Cognizant to its list of suppliers in its strategic outsourcing framework agreement as it prepares for a large amount of IT work related to a planned organisational split.
Cognizant will work in five service areas. These are solutions consultancy, application development, application maintenance, testing, and web design and hosting. It will also support a key market surveillance application used by the Financial Services Authority (FSA) to monitor compliance with the Markets in Financial Instruments Directive.
In February the FSA named Steria as a supplier in the framework. In April the FSA chose Capgemini for application development and maintenance for the next four years.
When the Steria deal was signed Gareth Lewis, CIO at FSA, said: "The rationale behind the new supplier framework is to provide increased competition amongst our supplier base given the enormous volume of work we anticipate in the next 4 years."
A spokesperson said this work is related to the FSA being split in two. The FSA has been one organisation for many years so there will be IT work to split the organisation and integrate the new ones.