Mobile Recording - Are you FSA Compliant?

Most Financial services organisations are obliged to conform with various FSA and International compliances as well as recognised standards such as BS10008 and ISO TR 15801, best practice standards for provision of legal admissibility and evidential weight.

The FSA has recently mandated that by 14th November 2011, all applicable Mobile phone traffic (both voice and data) must be recorded and stored in a compliant fashion for a minimum of 6 months.

Most Financial services organisations are familiar with operating telephony systems and compliant local call recording, but recording Mobile voice and data presents another layer of complexity that very few organisations have the capability to deliver.

With this in mind, Comtact has added the Mobile Compliance Suite both as a Hosted Managed Service or On-Site format in order to make it as easy as possible to capture, store and manage all mobile traffic in an auditable, compliant fashion.

 

The Compliance Requirement

These compliance regulations are not confined to the UK. The financial sector is a global industry and regulations exist across Europe, North America and parts of Asia and Africa, specifying the need to capture various levels of mobile communication. Other regulators are now in the process of addressing their mobile policies and accelerated adoption is anticipated as financial regulators acknowledge that mobile communication is a vital part of the markets within their jurisdiction.

Mobile compliance is not just about recording voice calls or even SMS - it's also about the capture of desk-based communications which have been extended to mobile devices. All of these tools are now being used to conduct business via mobiles and, as such, fall into the same category as the recording of office-based communications. In fact, Finra states that "a regulated firm's obligations to supervise electronic communications are based on the content and audience of the message, rather than the electronic form."

 

If you would like to find out how Comtact can assist your company with productivity and reduce your operational costs, contact us today on:

Tel: 08452 75 75 75 (option 2)

E-mail:  enquiries@comtact.co.uk