FSA in the UK Extends Taping Regulations to Mobile Phones

January 5, 2011

Last 11th November 2010, the FSA (Financial Services Authority of UK) concluded their investigation into the viability of making it mandatory for FSA regulated firms, and those engaging in regulated communication, to record not only fixed line calls, but also calls made from mobile phone devices.

The announcement by the FSA regarding the removal of the mobile phone recording exemption will affect nearly every FSA regulated trading organisation in the UK. What this means in reality is that any mobile phone that is company provided must be recorded if a relevant communication (As set out in COBS 11.8.8R) occurs on the device. It also means that firms must ensure that any privately owned mobile phone must not be used for such 'relevant' communications. Firms will have until November 2011 to comply.

Solutions such as Cybertech's PRIME provide a secure and non tamperable means to comply with the new regulations. However, even firms that may wish to avoid the installation of a compliant solution by not providing Company mobiles, or intend to take the necessary measures to ensure that relevant trading does not occur via mobile phones, may wish to reconsider, as the benefits of providing a secure and compliant method of trading on the move, in event of an evacuation, pandemic, or other incident of this type, are vast.