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.

11 comments:

  1. If you need to some tips to write essay about traveling I recommend that you visit this blog post. It has some useful tips

    ReplyDelete
  2. Find Latest Job Vacancies to apply for today with Guardian Jobs. ... At agencylk we provide Latest Job Vacancies Recruitment services and career guidance.

    ReplyDelete
  3. Keep your casuals classy and chic with a striped one-shoulder dress with tie-up waist. Our styles in western dresses include elegant bottom wear for women – pleated pants with tie-up, high-waist flared jeans with button-down sides, embroidered skinny jeans with tassels and lots more.

    ReplyDelete
  4. That are definitely excellent. Many of these tiny details are made getting lot of background knowledge. I am interested in them plenty. Top Smart contract development jaipur

    ReplyDelete
  5. I’m going to read this. I’ll be sure to come back. thanks for sharing. and also This article gives the light in which we can observe the reality. this is very nice one and gives indepth information. thanks for this nice article
    MLM Software pune

    ReplyDelete
  6. Great Post…This Article is very unique. Thanks for sharing and very informative!!!MLM Software development platform Mumbai

    ReplyDelete
  7. Stubsondemand manages your company finance and record digitally. With Stubsondemand calculator, you calculate pay-related or finance-related work for you. Clarity of taxable income increases with the use of Stubsondemand’s Paystub Generator.
    https://stubsondemand.com/

    ReplyDelete