MASTEK LIMITED 
By Mastek, the high-end global provider of vertically-focused enterprise technology and platforms today announced it has signed a strategic framework agreement with the FSA to become an application development partner to the regulator for the next 4 years. The strategic deal is the culmination of an exhaustive competitive selection process that saw Mastek being selected in particular for a strong track record in delivering large, complex and innovative projects.
Set up by the government in 2001, the FSA is the main statutory regulator for the UK financial services industry regulating some 29,000 financial services firms.
Mastek is now one of a handful of approved Service Providers to the FSA, and will focus specifically on the provision of application development services, working to support the FSA’s objectives to meet its regulatory and operational goals.
Gareth Lewis, Chief Information Officer at FSA, said: "The rationale behind the new supplier framework is to provide increased competition among our supplier base, given the volume of work we anticipate in the next four years."
Richard Sansome, VP Financial Services, Mastek UK, said: “We are very proud and pleased to have signed this strategic framework agreement with the FSA following an exhaustive competitive tender process. Becoming one of the selected application development partners for the UK’s regulatory authority is a glowing reference for Mastek’s financial services capability and highlights how well Mastek’s delivery capability and track record are regarded in the market.”
Chetan Parekh, Director Banking Services, Mastek UK, added: “Mastek has been chosen by the FSA for its extensive capabilities in the area of successfully handling large, complex, business critical programmes and application development. The agreement further establishes our specific expertise in being able to cater for the needs of the Banking and Financial Services sector.”
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About Mastek
Mastek is a publicly held (NSE: MASTEK; BSE: 523704) leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across US, Europe, and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.
For further information visit: www.mastek.co.uk
About FSA
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
For more information, you may get in touch with :
Mr. Sanjay Mudnaney AGM – Corporate Communications Email:media@mastek.com Telephone: +91 22 2824-7745
