In four weeks, all financial firms in the UK are going to have to record all business conversations made and received on mobile phones.
The rule change brought in by the Financial Service Authority is intended to stop market abuse. Currently, financial firms must tape fixed line calls, but there is a loophole allowing firms to dodge this by diverting calls to un-taped mobile lines.
This change has only been possible since telephone technology companies such as Meetupcall have arrived on the scene enabling cell phone conversations to be recorded, stored and retrieved on secure servers away from an organisation’s premises.
According to a recent story in the Telegraph, half of firms don’t yet know about the change.
So if you haven’t heard, from November 14 the FSA requires financial firms to take “reasonable steps” to record all mobile phone conversations relating to transactions in the bond, derivatives, equities and financial commodities markets, and store those conversations for six months.
Firms can either store recordings on a handset or remotely. If stored remotely, this can be either on a server managed by a financial company and located on its own premises, or on a server hosted and managed by a third party data centre such as ours.
Workers’ own private cell phones will be exempt, unless they take calls to personal cell phones re-routed from office lines.
Of course, it gets tricky when you start having a personal chat on a work mobile and stray into business matters… in which case the FSA says “we would expect the call to be terminated immediately and the conversation diverted to a recorded business line”.
The change will affect 16,000 financial firms. If you are one of those affected, then please get in touch and ask about our FSA compliant conference call service.
More info on the FSA’s removal of the mobile phone exemption here: http://www.fsa.gov.uk/pubs/cp/cp10_07.pdf