Compliant Phones guides banks on complying with FSA’s new rules on taping of mobile phones

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Mobile call recording specialists, Compliant Phones (http://www.compliantphones.com), advises financial institutions that concerns over the cost and complexity of complying with the FSA’s final rules on taping of mobile phones (PS10/17) can be easily mitigated by following some simple system selection criteria.

Mobile call recording specialists, Compliant Phones (http://www.compliantphones.com), advises financial institutions that concerns over the cost and complexity of complying with the FSA’s final rules on taping of mobile phones (PS10/17) can be easily mitigated by following some simple system selection criteria. Following the FSA's much-anticipated ruling on the taping of mobile phone communications, all “relevant” mobile phone conversations relating to investment dealing must be recorded and stored for a period of six months.

In reaching their decision, the FSA spent several months considering banks’ concerns regarding the cost and complexity of introducing recording technology.

“The FSA’s general view is that the available recording technology is robust and able to meet the challenge.” says Curtis Nash, CEO Compliant Phones. “In practice, there is significant variation in cost, capability and operational burden. Banks should evaluate their supplier options carefully.”

For example:

  •     Does the solution work across all networks and in all countries? (Some networks and territories restrict certain mobile functions, which in turn prevent some recording solutions from operating.)
  •     Does it record calls ‘in-line’ in a similar way to established fixed-line call-recording practices?
  •     Does it make efficient of use your existing telephony assets? (Some systems require a higher number of dedicated lines to function than others. This can have a material impact on total solution cost.)
  •     Does it give you the flexibility to exploit preferred routing and call rates or private lines?
  •     Is there a hosted as well as an on-site option? (For smaller businesses, a secure hosted service can be easier to deploy and manage, and avoids the capital costs of on-site installations. It may also offer a convenient entry stage prior to on-site implementation.)

“This ruling comes as no surprise,” says Curtis Nash, CEO Compliant Phones. “The FSA are fulfilling their functions under the EU’s Market Abuse Directive (MAD) and MiFiD. It also underlines their strong intent to crack down on insider trading.”

For a full list of Compliant Phones' recommended selection criteria visit: http://bit.ly/mobile-call-recording-system-guide.

About Compliant Phones (http://www.compliantphones.com)
Compliant Phones provides mobile call recording solutions for organisations that want to use mobile communications without exposure to regulatory, commercial or operational risk.

Fully compliant with FSA rule PS10/17 on taping of mobile phones, its patented inline recording technology enables all mobile communications—mobile voice, SMS, instant messaging, MMS and web browsing—to be reliably and cost-effectively recorded across any network or country.

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Curtis Nash
Compliant Phones
+44 (07968) 555500
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