Decision details

The Councils current banking services contract with Barclays is due to expire on 30^th September 2022 therefore a new contract is required to be procured in line with The Public Contracts Regulations 2015. 

A lead-in time of several months may be required (in the event of any change in provider) therefore the procurement aims to conclude by the end of March 2022.

An open tender will be conducted with the successful provider being awarded a seven-year contract made up of an initial period of five years with an optional two-year extension available at the Councils discretion.

To seek approval to procure a new contract to ensure continuity of banking services whilst ensuring all spend remains compliant within the Council’s internal regulations and procurement legislation; to seek delegated authority to enter into a contract with the successful bidder

That the Executive Member for Finance and Resources:

1.    approves the procurement of a provider to deliver the Council’s banking service requirements as set out in the report; and

2.    delegates authority to the Director of Finance and Commercial Services in consultation with the Director of Legal and Governance to award the contract and to take such other necessary steps not covered by existing delegations to meet the aims and objects as set out in the report.

The existing banking services contract expires the 30th September 2022 and the Council needs to procure a new provider.  A contract length of five years with an option to extend for a further two is considered optimum to achieve value for money.

1.    Allow the existing contract to time expire.  This is not an option as the Council requires a banking service to support and underpin its daily activities. 

2.    Extend the current contract.  This creates the risk of contravening the Public Contracts Regulations 2015 and leaving the Council exposed to the risk of legal challenge. 

3.    Insourcing the service.  This is not an option as it is not practical for the Council to operate in this manner, an organisation that is FCA regulated is required for the breadth and depth of the Council’s financial and banking requirements.