From November there are new FSA rules that state mobile phone conversations relating to transactions in the bond derivatives, equities and financial commodity markets must be recorded and stored to help deter and detect market abuse in the UK
What do the FSA Call Recording Rules mean?
FSA rules will require that call recording and storage , for six months – of all ‘relevant communications’ on business issued mobile phones and other handheld electronic communication devices.
Firms have to ensure that:
• Calls are recorded and stored, for a period of 6 months
• They take reasonable steps to prevent ‘relevant conversations’ taking place on private mobiles, private handheld mobile electronic communication devices, and private non-mobile electronic communication devices.
Who’s affected?
The new rules will impact investment firms including all banks, stockbrokers, investment managers and financial and commodity derivatives firms.
According to the FSA this could affect around 16,000 financial employees in the UK.
When is the Mobile Recording deadline?
The FSA have stated these changes to their taping rules will be effective from 14 November 2011. So financial companies should act now to meet the mobile call recording deadline.
What’s the Cost of Mobile Call Recording?
The FSA have stated that the implementation of mobile call recording could cost up to £10,000 per employee based on an estimate by an Investment Bank.
However costs from Hosted VoIP Companies such as Voicenet Solutions will be a tiny fraction of this cost.
How Long will it take to set-up Mobile call Recording?
The process is a matter of days, and with Voicenet Solutions a specific app for each phone would need to be downloaded. T0 complete this download saving time and resource, you can use the IT manager, VIA the Blackberry Enterprise Server.