It’s now official. The FSA announced yesterday the expansion of its call recording requirements to cover all relevant mobile phone conversations.
What does it mean?
This constitutes the expected extension to “the taping rules” (PS08/1, effective since March 2009) that require the recording and archiving of all voice and electronic communications dealing with orders, negotiation or arrangement of transactions in the financial services industry.
Just as with the previous policy, it aims to counter market abuse and assure successful enforcement, to ultimately restore some of the confidence that was lost during the last economic crisis.
How will your firm react?
The regulatory framework is now clearer and firms will have to decide whether to adopt a mobile recording solution or to take other steps that aim to prevent financial transactions from taking place on mobile phones. NICE Actimize has the in-house expertise to assist firms with the decision about what to do from a policy and technology perspective.
A potential benefit beyond compliance that could be realized by implementing a mobile recording solution is the ability to serve a client's needs regardless of a financial representative's whereabouts. Meeting customer needs 24/7 could potentially increase the number of transactions financial firms will be able to handle.
On the other hand, the same financial firms may be concerned with the potential costs of complying with this new regulation.
A cost-effective, simple solution from the call recording market leader
In anticipation of this new regulation, we announced earlier this year call recording solutions to quickly adopt this new regulation.
the availability of the NICE Mobile Recording Solution, which enables financial services firms to fully adhere to the FSA requirements for mobile call recording. The NICE Mobile Recording solution is a cost–effective and fully integrated extension to the NICE Interaction Management platform. With this simple, yet resilient solution, NICE customers can protect and fully leverage investments in their NICE
An invitation to learn more
Find out more about the new regulation and the NICE Mobile Recording solution at our upcoming ‘Conflict of Interests 2010’ conference in partnership with IBM, Monday 22nd November, at the London Stock Exchange.
Click here to register for FREE