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Research on the use of AI and other disruptive technologies in actuarial work

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

20 May 2026 at 16:30

UK7 - Contract Details Notice
Tender

13 Feb 2026 at 14:12

UK4 - Tender Notice
Summary of the contracting process

The recently concluded procurement process by THE FINANCIAL REPORTING COUNCIL LIMITED (FRC), located in London, focused on commissioning research on the use of AI and other disruptive technologies in actuarial work. As a central government public authority, FRC conducted an open competition procurement method below threshold. The contracting process reached the award stage with the contract being awarded on 21st April 2026 to Bayes Business School, City St George's, University of London, a large supplier. The contract, valued at £79,551.22, commenced on 27th April 2026 and is set to conclude on 21st December 2026, with options for service extensions. This project falls under the 'services' category in research and development, bearing CPV code 73000000.

This tender provides a significant opportunity for businesses in the research and consultancy services sector, particularly those focusing on the integration of AI and disruptive technologies within actuarial work. Given the scope and aims of the research project, businesses that possess expertise in AI, actuarial models, and data analysis are well-suited to contribute meaningfully to such endeavours. The insights gained could help organisations stay at the forefront of technological advancements in actuarial practices, fostering business growth and innovation in both local and potentially international markets. Companies positioning themselves as leaders in technological incorporation within the actuarial field may find lucrative prospects within similar future projects initiated by institutions like the FRC.

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Notice Information

Notice Title

Research on the use of AI and other disruptive technologies in actuarial work

Notice Description

THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council (FRC) commissioned research into the use of AI and other disruptive technologies in actuarial work.

Lot Information

Lot 1

Options: * Additional research services of the same nature.

Renewal: * The right to additional purchases while the contract is valid. * To allow for any pause research activities that may impact the timelines.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-06540a
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/046631-2026
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
UK7 - Contract Details Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Below threshold - open competition
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£80,000 Under £100K
Lots Value
£80,000 Under £100K
Awards Value
Not specified
Contracts Value
£79,551 Under £100K

Notice Dates

Publication Date
20 May 20263 months ago
Submission Deadline
23 Mar 2026Expired
Future Notice Date
Not specified
Award Date
21 Apr 20264 months ago
Contract Period
27 Apr 2026 - 21 Dec 2026 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
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
E14 9GE
Postcode Area
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Blackwall & Cubitt Town
Westminster Constituency
Poplar and Limehouse

Supplier Information

Number of Suppliers
1
Supplier Name

Bayes Business School, City St George's, University of London

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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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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