The Department for Work and Pensions (DWP) is planning to hook up to the London Stock Exchange (LSE) to analyse share price information so that it can accurately assess the earnings of those claiming income-related state benefits.
A contract notice outlines that the service provider will need to be able to deliver accurate share price information on request for a specified historical data or for a specified historical period.
The department must be able to access the electronic share prices via its desktop environment and the information must be displayed in UK Pounds Sterling currency.
It is understood that DWP uses the data to assess the value of stocks and shares that claimants may own, which is relevant to their application for income related benefits. It can determine the level of benefit paid.
The notice reads: “DWP requires access to current and retrospective LSE share and securities price data on request to enable its staff to quickly and accurately assess their customer’s entitlement to income related state benefits.
“The contractor will be expected to monitor and report agreed service delivery and performance standards and to provide a help-desk facility and a process for effectively managing and resolving incidents and unforeseen service disruption.”
Share price data must be available to DWP between 7am and 8pm, Monday to Friday, and 8am and 4pm on Saturday and Sunday.
It is estimated that the contract will be worth up to £700,000 and last for up to five years. Those interested in participating in the tender process have until March 28 to submit their details to the department.
It was revealed earlier this week that the Major Projects Authority’s (MPA) executive director, David Pitchford, has been appointed as the temporary lead on the development of the Department for Work and Pensions’ (DWP) high profile universal credit system following the death of Philip Langsdale in December.