Mastek Secures £15M Contract with UK Financial Conduct Authority
Filing Summary
Mastek (UK) Limited, a wholly-owned subsidiary of Mastek Limited, has secured a £15 million contract with the Financial Conduct Authority (FCA) for a two-year period. The contract, which may be extended for an additional two years, involves supporting the FCA’s Digital Delivery Hub. Mastek will provide digital engineering and service management expertise. This contract is part of the UK Government’s regulatory modernization efforts. The partnership highlights Mastek’s role as a provider for regulatory bodies. The contract details have been published on the UK Government’s procurement platform.
Mastek (UK) Limited, a wholly-owned subsidiary of Mastek Limited, has secured a contract valued at £15 million with the Financial Conduct Authority (FCA). The contract spans two years, with a potential extension for an additional two years. The agreement involves Mastek supporting the FCA’s Digital Delivery Hub, which focuses on developing digital products and platforms. The contract award has been officially published on the UK Government’s procurement platform, confirming Mastek’s role in engineering and development work.
The financial terms of the contract specify an initial value of £15 million. The contract duration is set for two years, with the possibility of extending the agreement for another two years. This extension is contingent upon mutual agreement between Mastek and the FCA. The contract is part of the UK Government’s broader regulatory modernization initiative, which aims to enhance consumer protections and market resilience.
Under the terms of the contract, Mastek will provide specialized digital engineering and service management expertise. The scope of work includes scaling and modernizing the FCA’s processes to support its Digital Delivery Hub. Mastek’s responsibilities involve delivering complex, compliance-abiding transformation programs. The company was selected based on its engineering expertise and track record in handling similar projects.
The FCA serves as the UK’s statutory regulator, responsible for safeguarding market integrity and protecting consumers. The UK Government is undertaking significant regulatory modernization efforts, which are crucial to the country’s financial infrastructure. These efforts are part of a wider agenda of Critical National Importance. Mastek’s involvement in this project underscores its growing influence as a specialist provider for high-integrity regulatory bodies.
The contract implementation is set to begin immediately, with Mastek providing services over the next two years. The potential extension would allow Mastek to continue its support for the FCA’s Digital Delivery Hub. The partnership is expected to enhance the FCA’s digital delivery capabilities, aligning with the UK Government’s modernization goals.
Financial Conduct Authority is the UK’s statutory regulator, tasked with ensuring market integrity and consumer protection. The FCA is expanding its Digital Delivery Hub to build modern, user-centered digital products and platforms. This expansion is part of the UK Government’s efforts to modernize regulatory frameworks and improve market resilience.
Mastek Limited is a global provider of enterprise AI, digital, and cloud services. The company focuses on enabling clients to achieve measurable returns on technology investments. Mastek partners with industry leaders such as Oracle, Salesforce, and Microsoft. The company serves key sectors including Public Sector, Healthcare, and Financial Services. Mastek is committed to driving innovation through a strong ecosystem of start-ups and academia.