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FSA looks at outsourcing reporting

The FSA is looking at outsourcing its mandatory electronic reporting system and other IT processes as part of a technology review.

Spokesman Rob McIvor says if mandatory electronic reporting is outsourced, the data would remain under the control of the FSA.

He says outsourcing is one of a range of ideas being linvestigated by the regulator. The review started last month and no decision is expected until Christmas at the earliest.

MER has been beset with technical problems such as capacity issues and advisers reporting difficulties in submitting data, leading to the regulator extending the first reporting deadline from Aug-ust 11 to September 9.

The FSA has been working with external suppliers to dev- elop and maintain the system but is now considering outsourcing the whole project.

McIvor says: “We are carrying out a full review of our systems and one option that we are looking at is outsourcing part or all of these systems.”

Lowes Financial Management compliance manager Neil McLachlan says: “It raises concern that the issues we have had with MER are more than just teething problems. Perhaps it is sensible for them to consider outsourcing in areas where they do not have the necessary expertise.”

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