News Articles

Friday, November 12, 2010

Financial Services Authority says investment firms will need to record all mobile calls

The Financial Services Authority (FSA) has published rules that will require mobile phone conversations to be recorded by certain regulated financial organisations. It says this will provide an extra source of evidence that can be used to help defend against market abuse.

Last year the FSA implemented new rules that required investment firms to record all relevant voice calls and electronic communications (email, fax and instant messaging) and keep the records for six months. However, mobile phone calls were excluded from these rules because the technology wasn't widely available. Earlier this year the FSA published a consultation paper that proposed removing the exemption – and that decision has now been confirmed.

From 14th November next year, mobile phone conversations that involve taking orders from clients or making certain financial dealings will need to be recorded by the firm involved. In addition, these firms will need to take 'reasonable steps' to ensure employees don't conduct business on private mobiles.

A number of UK mobile network operators have recently introduced recording services for financial clients. For example, Vodafone announced 'Vodafone Mobile Recording' in April; it's a solution that routes all voice calls through the company’s existing in-house voice recording platforms and also records all text messages.

[FSA policy statement]

Print
Author: The Fonecast
1 Comments
Rate this article:
No rating

Categories: Networks and operators, NewsNumber of views: 2798

Tags: uk vodafone legal banking

1 comments on article "Financial Services Authority says investment firms will need to record all mobile calls"

0
0
Avatar image

The Fonecast

8/19/2011 7:51 AM

There's more about this subject in our feature on 19th August 2011, which includes an interview with Ian Hook of Compliant Phones. thefonecast.com/?item=582

Leave a comment

This form collects your name, email, IP address and content so that we can keep track of the comments placed on the website. For more info check our Privacy Policy and Terms Of Use where you will get more info on where, how and why we store your data.
Add comment

Follow thefonecast.com

Twitter @TheFonecast RSS podcast feed
Find us on Facebook Subscribe free via iTunes

Archive Calendar

«October 2022»
MonTueWedThuFriSatSun
262728293012
3456789
10111213141516
17181920212223
24252627282930
31123456

Archive

Terms Of Use | Privacy Statement