News: Capita's Financial Services Consultancy steps up presence in the regulatory change arena

Capita’s Financial Services Consultancy practice today announces plans to strengthen its presence in the area of regulatory change. This is in response to significant demand from the market. As regulatory change is becoming more frequent, financial services organisations cannot risk regulatory non compliance – for example with Solvency II and the Retail Distribution Review – as this can result in serious repercussions from the Financial Services Authority (FSA).

Capita already has a number of customers to which it provides regulatory change support, including high profile retail banks and insurance companies. The business has grown from zero to 40 consultants this year alone and Capita has also acquired Xayce - the specialist financial services consultant - in February this year to further support the growth of the practice, especially in the regulatory change arena.

Tony Tarquini, Head of Financial Services at Capita Consulting, said: “We have identified that there is significant need for pragmatic, operational consulting for regulatory matters. We have been able to apply the expertise that we have honed through delivering services to the wider Capita Group, and also external clients to develop a really strong offering to the market. What we offer is not strategy or advisory services but help with turning the vision into an operating reality.

“We are finding that the third pillar of Solvency II, which focuses on disclosure and transparency requirements, is not being properly addressed yet. This is because so much effort so far has had to go into pillar one, capital requirements. The market is telling us that there is need for specialists, such as Capita, to help develop frameworks for data management during implementation and thereafter. This will help meet the data challenges posed by the third pillar of Solvency II and also give better control over data going forward.”