Award

External assurance over industry readiness for RTGS Renewal

BANK OF ENGLAND

This public procurement record has 1 release in its history.

Award

26 May 2021 at 09:23

Award Notice
Summary of the contracting process

The Bank of England is seeking external assurance services related to industry readiness for RTGS Renewal, as highlighted in the contract titled "External assurance over industry readiness for RTGS Renewal." This procurement falls within the business services industry, specifically covering law, marketing, consulting, recruitment, printing, and security. The tender process has been completed, with the contract awarded to PA Consulting on 1st April 2021, and it runs from 2nd April 2021 to 2nd April 2025. The total value of the contract is £2,350,000, and it focused on conducting reviews of selected Direct Participants to assure their preparedness for the renewal. The tender period concluded on 12th February 2021.

This contract presents significant opportunities for businesses in the consulting sector, particularly those with expertise in regulatory compliance, operational readiness assessments, and assurance reviews. Companies equipped to engage in high-level consultancy and analysis related to financial systems would be well-positioned to compete for similar contracts in the future. The engagement with the Bank of England could also pave the way for further collaborations in the financial services sector, enhancing growth and market presence for involved businesses.

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Notice Information

Notice Title

External assurance over industry readiness for RTGS Renewal

Notice Description

The supplier will conduct assurance reviews on selected Direct Participants to give the Bank of England a view on their readiness for RTGS Renewal. This is in preparation for the 'go live' decisions.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-91ea5155-995f-4990-96e4-d6a701e30967
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/c2eea74d-9eab-4b6e-9350-ff0d0b83baeb
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other -
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79000000 - Business services: law, marketing, consulting, recruitment, printing and security

Notice Value(s)

Tender Value
£2,350,000 £1M-£10M
Lots Value
Not specified
Awards Value
£2,350,000 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
26 May 20214 years ago
Submission Deadline
12 Feb 2021Expired
Future Notice Date
Not specified
Award Date
31 Mar 20214 years ago
Contract Period
1 Apr 2021 - 2 Apr 2025 4-5 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
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
EC2R 8AH
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
TLC North East (England), TLD North West (England), TLF East Midlands (England), TLG West Midlands (England), TLH East (England), TLJ South East (England), TLK South West (England)
Local Authority
City of London
Electoral Ward
Walbrook
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

PA CONSULTING

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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