The Financial Services Authority (FSA) is going to increase the amount of money it spends on IT by nearly 50% this year, and it's likely to bolster technology team.
The FSA is budgeted to spend 31.8m on IT development in 2009/10, and 8.4m on IT infrastructure. This marks a respective 47.2% and 52% increase on last year.
One source close to the subject tells us that the FSA is planning to take on project managers, business analysts, change managers as well as development and support staff. However, numbers have yet to be clarified at this stage.
However, the official line from the FSA is that it is: "Not our intention to create more jobs in IT, but if we do need additional resources we will recruit more staff to deliver on these commitments.
One of the drivers behind the increased IT spend is the FSA's plan to hire an extra 280 staff involved in its supervisory process. The FSA says the cost of providing systems and system support is likely to increase as a result of this recruitment drive.
The major spur, however, is its IT Strategy Programme, which will "rationalise our IT infrastructure, retire legacy applications, and implement a more logical, robust, and resilient IT architecture platform".
It's also going to be upgrading its transaction monitoring system, Sabre II, which aims to combat market abuse, as well as rolling out technology changes to implement Solvency II regulation and the Payment Services Directive.
One recruiter dealing with the FSA tech roles tells us: "From an HR perspective, they'll tell you they're casting the net wide, but it would obviously make sense for them to recruit from the financial sector."