Award

Open Banking & Open Finance

FCA

This public procurement record has 1 release in its history.

Award

19 Feb 2025 at 09:35

Summary of the contracting process

The Financial Conduct Authority (FCA) has completed the procurement process for the contract titled "Open Banking & Open Finance," classified under financial consultancy services (CPV 66171000). This selective procurement was a call-off from a framework agreement, awarded to KPMG LLP for a total amount of £662,716.80. The contract spans from 20th January 2025 to 31st March 2025, with key deliverables including strategy development, operational improvements, and legal entity analysis to support the FCA’s expansion into Open Finance. The procurement stage has concluded with the award issued on 15th January 2025, and the official notice published on 19th February 2025. The delivery address for these services is in London, UK, with the postal code E20 1JN.

This tender represents significant business opportunities, especially for companies specialising in financial consultancy services. Although the awarded contract is aimed at larger firms, given that the procurement was not specifically suitable for SMEs or social enterprises, it highlights the potential for substantial contracts within the financial services sector. By aiding in the development and implementation of strategic and operational frameworks, consultancy firms with expertise in financial regulation, strategic management, and legal analysis are well-suited to bid for similar opportunities in the future, facilitating business growth and expansion in a highly specialised market.

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Notice Title

Open Banking & Open Finance

Notice Description

This contract is awarded to KPMG LLP for consultancy support to aid in the development of strategy setting, assist in the delivery of operational improvements, and to provide legal entity analysis and development as we expand our Open Banking remit and prepare for Open Finance.

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-11ccabd0-7467-463d-b309-643e2794a339
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/08ca69b6-a0c7-4b14-9892-7b8c8c51bf3b
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a framework agreement
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services


CPV Codes

66171000 - Financial consultancy services

Notice Value(s)

Tender Value
£662,716 £500K-£1M
Lots Value
Not specified
Awards Value
£662,716 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
19 Feb 20251 years ago
Submission Deadline
24 Dec 2024Expired
Future Notice Date
Not specified
Award Date
15 Jan 20251 years ago
Contract Period
20 Jan 2025 - 31 Mar 2025 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Contracting Authority (Buyer)

Main Buyer
FCA
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
E20 1JN
Post Town
East London
Country
England

Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI41 Hackney and Newham
Delivery Location
TLI London

Local Authority
Newham
Electoral Ward
Stratford Olympic Park
Westminster Constituency
Stratford and Bow

Supplier Information

Number of Suppliers
1
Supplier Name

KPMG LLP - FCA

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

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