Higher Probability Of FSA Regulation In 2010
The likelihood of more stringent regulation being imposed in 2010 by the FSA is strong enough to warrant an accelartaion in the development and launch of mobile voice recording technology. However the key to success for providing mobile voice recording will be the supplier who can offer:
1. A simple to use service
2. A cost effective service
3. A simple search and retrieval service
4. A secure and resilient solution
5. A global solution
In April 2009 it became obligatory for organisations under the jurisdiction of the FSA (Uk Financial Services Authority) to voice record landline calls made by their employees that receive client orders and negotiate, agree and arrange
transactions across the equity, bond and financial commodity and derivatives markets. Voice Recording calls made by mobile phones/ PDAs and web enabled devices was not introduced at the time but the probability of it being made obligatory in 2010 is significant enough that it cannot be ignored as the follwing excerpt from FSA’s Policy Statement March 2008 demonstrates:
In CP07/9 we proposed recording all telephone lines, including mobile telephones
used for voice conversations that fall within the scope of the proposed rules. In the
consultation responses, the industry asserted that recording mobile telephones was
not technically feasible so the proposals were tantamount to a ban on mobile phones
which were used for relevant conversations.2.28 Europe Economics, the consultants we have been using since we received the
consultation responses, have reported that mobile telephone recording is possible
and solutions are available at costs similar to or below those of taping fixed lines.2.29 Few financial services firms currently record mobile telephones, many firms prohibit
their use for taking client orders or dealing and the technology for this is relatively
new. In COBS 11.8.6R we have applied an exemption to recording conversations and
communications (except emails) on mobile telephones or other handheld electronic
communication devices. We will, however, review this in 18 months’ time to decide
whether it is still appropriate to continue with this exemption. This review should
coincide with the EU review of taping noted above.
Too Expensive, No Reliable Technology
Objections to voice recording of mobile phone calls were cited by companies who said that the technology was not available. As the technology began to appear in the market place the next objection was that the investment was far too expensive. The FSA decided against imposing a mobile voice recording regulation as it deemed the necessary technology ‘insufficiently proven’.
Quality Voice Recording Solution Launch Imminent
GemaTech believe that the introduction of mobile voice recording is an inevitability considering the reliance upon mobile phones for flexible working and business continuity purposes. The launch of GemaTech’s Mobile Voice Recording solution will hereald a new era in mobile secure voice recording at an unrivalled quality, corporate grade with simplicity of use at its core. Not only meeting the key needs of voice recording, but offering a truly resilient and compliant alternative to more basic alternatives.
GemaTech are in discussions with offshore banking concerns and various business sctors to provide mobile voice recording.
Tags: fsa compliance mobile voice recording, FSA voice recording
