Case study

A global private bank - Implementing an FSA compliant outsourcing solution

This global private bank wanted to consolidate its European operations by creating a banking and securities operations hub in the Channel Islands, producing cost savings from economies of scale, superior standards of control and service quality.

PA Consulting Group worked with the bank to provide technical advice and project management expertise required for the streamlining of its business. A key requirement of the project was full compliance with the new outsourcing policy of the Financial Services Authority (FSA), the UK banking regulator.

PA delivered the entire project to time and budget and was instrumental in the bank satisfying the FSA that adequate systems and controls were in place to undertake the planned restructuring in a prudent manner. The FSA gave the bank a ‘no objections’ approval to the outsourcing and restructuring program.