UK Fin Services Authority selects Cognizant as key supplier

B D Narayankar

Press Trust of India

Bangalore, Aug 24: Information technology provider Cognizant today said it has been selected by the UK Financial Services Authority (FSA) to be a key supplier as part of its Strategic Outsourcing Framework Agreement (SOFA).

"We are pleased to be selected as a key supplier by the FSA for a comprehensive range of services. We are committed to leveraging our strong understanding of the financial services industry and regulatory environment in the UK and consultative engagement model to help the FSA streamline processes, minimise operating costs, enhance productivity and address the need for greater efficiency, innovation and collaboration," Cognizant's Vice President, Banking and Financial Services Practice for the UK and Ireland, Tony Virdi said in a release issued here.

FSA is a leading independent body that regulates the financial services industry in the UK and oversees over 29,000 firms, which contribute over 6.8 per cent of the GDP, employ more than 1.1 million people, and provide services to millions of consumers.

SOFA is important to the FSA's ability to deliver on its statutory objectives and more pro-actively intervene when a firm's actions pose potential systemic risk. The agreement enables the FSA to develop relationships with key third-party suppliers, enhance the scope of services it outsources and ensure greater value for money.

Cognizant has been awarded five service areas, covering solutions consultancy, application development, application maintenance, testing and web design and hosting and will initially support a key market surveillance application used by the FSA to monitor compliance with the Markets in Financial Instruments Directive, it added.

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