Currently, the 11 councils have around 650 looked-after children placed with approximately 50 different fostering agencies at a total cost of £29m per year.
Under the partnership, which is called the Independent Fostering Agency, the 11 local authorities will purchase specialist placements in bulk.
Initial estimates of savings for the participating authorities range from three per cent to more than seven per cent, with Southampton City Council anticipating a saving of £160,000 in the first year of the partnership alone.
A total of 27 providers will offer independent fostering placements to the 11 local authorities across the south-central region under the new arrangements. Providers are required to have an Ofsted rating of good or better to be in the running to submit a tender to the partnership.
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