On the 11th November 2010, the Financial Services Authority (FSA) announced the removal of mobile phone call recording exemption, giving the industry 12 months to comply with the new legislation which now covers voice calls from landline and mobile devices.
The new regulation means that investment firms including banks, stockbrokers, investment managers (including collective investment scheme managers and hedge fund managers), and financial and commodity derivatives firms are now required to:
- Record and store - for a period of six months - all 'relevant communications' made with, sent from or received on mobile phones and other handheld electronic communication devices. The ruling only applies to mobile phones and other handheld electronic communication devices that are issued by firms for business purposes.
- To take reasonable steps to ensure that such communications do not take place on private communication equipment that firms cannot record mainly for privacy reasons. This includes private mobiles, private handheld mobile electronic communication devices, and private non-mobile electronic communication devices.
With the ruling officially coming into affect from the 14th November 2011 - have you thought about how your business is going to comply?
Mobile call recording from Excell enables you to monitor and record all audio communications to ensure your organisation complies with all regulations. Our solution gives instant resolution of disputed transactions and helps prevent fraudulent claims, ensuing security for all parties involved.
The solutions enable you to record any communications from trading room telephony, intercoms and interaction data, to back-office telephony, VoIP and on-screen information; it captures and stores the data in one of the most established and resilient architectures available. Your calls recordings are instantly accessible and the software retains records automatically in line with your business guidelines.
For more information about the solution offered by Excell, click here
For more information about the change in legislation, visit the FSA website at: http://www.fsa.gov.uk/pages/Library/Policy/Policy/2010/10_17.shtml
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