FSA Regulated Mobile Call Recording - The Facts

Fact sheet outlining the new FSA Mobile call recording regulations for November 2011.

New FSA rules state that from November, mobile phone conversations relating to transactions in the equities, bond, derivatives and financial commodity markets must be recorded and stored to help deter and detect market abuse in the UK

What do the FSA Mobile Call Recording Rules mean?

The FSA rules will require the 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 six 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 by the Call Recording regulations?

The new rules will impact investment firms including banks, stockbrokers, investment managers (including collective investment scheme managers and hedge fund 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?

When do businesses have to implement mobile call recording? 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.

How much does Mobile Call Recording cost?

There are many different offerings. For example the FSA have stated that the implementation of mobile call recording could cost up to £10,000 per employee based on an estimate given to them by an Investment Bank.

However costs from Hosted VoIP Companies such as Voicenet Solutions will be a tiny fraction of this cost, and more likely to cost the amount of a basic mobile tariff.

How Long will it take to set-up Mobile call Recording?

The process to set-up mobile call recording takes a matter of days. With Voicenet Solutions a specific app needs to be downloaded to each phone. The IT manager, VIA the Blackberry Enterprise Server, can complete this download saving time and resource.

To find out more about Voicenet Solutions Mobile Call Recording service call us on 0207 096 6000

To view the full FSA Call Recording Policy visit:

http://www.fsa.gov.uk/pubs/policy/ps10_17.pdf