Thursday, 18 November 2010

FSA says UK investment firms must have mobile phone calls recorded starting next year.

Currently, landline phone conversations and e-mails regarding orders or transactions must be recorded but the Financial Services Authority says this must be extended to company mobile phones starting next November.

In a bid to “promote cleaner markets”, the FSA hopes to get rid of insider trading and warned steps should be taken to ensure private phones are not used by traders to carry out transactions.

The FSA said: “Removing the exemption will provide an extra source of voice and electronic communication evidence, which can be used to help us counter the key priority of market abuse and increase the probability of successful enforcement.”

With phone conversations recorded and stored for six months, the plans would mean the FSA could demand to hear the recordings at any time, minimising market abuse.

Although a positive step for safer business, financial firms have criticised the proposals branding them too expensive - with a start up cost of around £11m, companies would see figures reaching £18m annually to keep the plans running.

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