Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

FSA Wants Mobile Calls Recorded

Global Glimpses | November 15, 2010

Financial firms operating in the United Kingdom will have to start recording staff mobile phone calls under new regulations from the industry regulator. The move is an effort to limit insider trading.

The Financial Services Authority made an exemption for cell calls when it told firms to record phone conversations in March 2008, but it has now decided to include such calls in its rules.

Beginning November of next year firms will have to record and store for six months any “relevant communications made with, sent from, or received on mobile phones and other hand-held electronic communication devices.”

A relevant communication is one where an employee discusses receiving, executing, or arranging client orders for securities trading. It doesn’t apply to corporate finance business or corporate treasury functions.

The rule will only apply to phones and devices that firms give...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.