Call Recording Guidelines
FSA requirements for call recording -the facts There has been much advertising recently about new FSA call recording regulations in the financial sector. Unfortunately some suppliers have described their call recorders as 'FSA compliant'. The Financial Services Authority (FSA) does not in fact endorse any call recording system as being 'compliant'. Compliance is about sticking to FSA rules and guidelines and not about systems or products. In order to make these new rules easier to ... 
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FSA requirements for call recording -the facts
There has been much advertising recently about new FSA call recording regulations in the financial sector. Unfortunately some suppliers have described their call recorders as 'FSA compliant'. The Financial Services Authority (FSA) does not in fact endorse any call recording system as being 'compliant'. Compliance is about sticking to FSA rules and guidelines and not about systems or products.
In order to make these new rules easier to understand we are pleased to offer the following information to customers;
The FSA requires records of all transactions to be kept but until recently has not required the recording of calls. This is set to change now that the Financial Services Authority (FSA) have published new rules requiring relevant firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK. From March 2009, relevant firms will have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets. Details of this ruling and the type of company it affects can be found in http://www.fsa.gov.uk/pubs/policy/ps08_01.pdf - See also press release FSA/PN/017/2008.
Relevant firms include hedge fund managers, dealers, traders and stockbrokers dealing in stocks, shares, equity and bonds. Most financial advisers unless they have an investment arm (fund managers or stockbrokers) and insurance brokers who deal with non-investment arrangements such as motor, fire, liability and other contingent type risks are not required to record their calls. Whilst those arranging motor insurance are not required to record calls those arranging car finance for example are regulated by the FSA although not subject to the new mandatory requirements. The FSA requires that all staff are trained and competent so that their work is compliant with their rules. Companies breaking FSA compliance can be fined 1% of turnover so even if there is no mandatory requirement to record calls it makes sense to do so.
The FSA has also said recently that it is 'illogical' for mobile calls not to be recorded in the Financial Services sector and will investigate and report on this in September 2009. The FSA has also highlighted that many firms don't allow their staff to conduct financial affairs on a mobile phones due to the dangers of disputes and misunderstandings.
So that a recording system enables a customer to comply with the FSA rules it should have at least six months storage of calls (although the FSA might want a company to keep 'interesting' recordings for longer but don't clarify 'interesting'), have call encryption (tamper proof) and be 'easily accessible' (could this mean on site and not network based-what if the network or Broadband is down?).
Financial Ombudsman Service (FOS)
The Financial Ombudsman has a duty to investigate complaints using FSA rules where a customer's complaint has not been settled by their insurance intermediary within eight weeks. The FOS will use recorded telephone calls as a factor to rule in favour of the customer who has made the complaint if the insurance intermediary cannot provide evidence that the customer was properly advised. Further details can be found in http://www.financial-ombudsman.org.uk/publications/ombudsman-news/18/july-said-that.htm
Westlake Communications are ready for new FSA regulation with our recording system able to record BlackBerry mobile phones.
Call Recording from only £225 ex VAT
Here's some examples of our systems.
1 channel handset side recording software from £ 225
4 channel ISDN 2 Sense Client Recording Interface £1500
8 channel ISDN 30 Sense Client Recording Interface £1900
60 channel ISDN 30 Sense Call Analyser System £8500 with integrated call management and server.
Call us now to find out how we are helping all types of business in the UK including Housing Associations, Police, Environmental Removals, Doctors, Betting Companies, Travel Companies, Loan Companies and many, many more.
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There has been much advertising recently about new FSA call recording regulations in the financial sector. Unfortunately some suppliers have described their call recorders as 'FSA compliant'. The Financial Services Authority (FSA) does not in fact endorse any call recording system as being 'compliant'. Compliance is about sticking to FSA rules and guidelines and not about systems or products.
In order to make these new rules easier to understand we are pleased to offer the following information to customers;
The FSA requires records of all transactions to be kept but until recently has not required the recording of calls. This is set to change now that the Financial Services Authority (FSA) have published new rules requiring relevant firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK. From March 2009, relevant firms will have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets. Details of this ruling and the type of company it affects can be found in http://www.fsa.gov.uk/pubs/policy/ps08_01.pdf - See also press release FSA/PN/017/2008.
Relevant firms include hedge fund managers, dealers, traders and stockbrokers dealing in stocks, shares, equity and bonds. Most financial advisers unless they have an investment arm (fund managers or stockbrokers) and insurance brokers who deal with non-investment arrangements such as motor, fire, liability and other contingent type risks are not required to record their calls. Whilst those arranging motor insurance are not required to record calls those arranging car finance for example are regulated by the FSA although not subject to the new mandatory requirements. The FSA requires that all staff are trained and competent so that their work is compliant with their rules. Companies breaking FSA compliance can be fined 1% of turnover so even if there is no mandatory requirement to record calls it makes sense to do so.
The FSA has also said recently that it is 'illogical' for mobile calls not to be recorded in the Financial Services sector and will investigate and report on this in September 2009. The FSA has also highlighted that many firms don't allow their staff to conduct financial affairs on a mobile phones due to the dangers of disputes and misunderstandings.
So that a recording system enables a customer to comply with the FSA rules it should have at least six months storage of calls (although the FSA might want a company to keep 'interesting' recordings for longer but don't clarify 'interesting'), have call encryption (tamper proof) and be 'easily accessible' (could this mean on site and not network based-what if the network or Broadband is down?).
Financial Ombudsman Service (FOS)
The Financial Ombudsman has a duty to investigate complaints using FSA rules where a customer's complaint has not been settled by their insurance intermediary within eight weeks. The FOS will use recorded telephone calls as a factor to rule in favour of the customer who has made the complaint if the insurance intermediary cannot provide evidence that the customer was properly advised. Further details can be found in http://www.financial-ombudsman.org.uk/publications/ombudsman-news/18/july-said-that.htm
Westlake Communications are ready for new FSA regulation with our recording system able to record BlackBerry mobile phones.
Call Recording from only £225 ex VAT
Here's some examples of our systems.
1 channel handset side recording software from £ 225
4 channel ISDN 2 Sense Client Recording Interface £1500
8 channel ISDN 30 Sense Client Recording Interface £1900
60 channel ISDN 30 Sense Call Analyser System £8500 with integrated call management and server.
Call us now to find out how we are helping all types of business in the UK including Housing Associations, Police, Environmental Removals, Doctors, Betting Companies, Travel Companies, Loan Companies and many, many more.
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