British Financial Industry Workers Now Required to Archive Mobile Phone Calls

International call recording and call accounting specialist CTI Group (News - Alert) “has called on the financial industry to embrace the UK’s Financial Services Authority’s (FSA) policy statement regarding the recording of traders’ mobile phone calls.”

Accordingto industry observer Brian Bollen, the FSA announced “on the morning of November 11 (ironically a day that features a near-compulsory two-minute silence at 11am UK time) that from 14 November 2011 all relevant conversations made with, sent from or received on mobile phones must be recorded and stored for a period of six months.”

Good spin on the nanny-statism

Bollen puts a good spin on the nanny-statism, saying that hey guys, it’s not so bad: call recording “offers a number of added value services including training, performance monitoring, business continuity and dispute resolution which help to optimize business management processes.”

Charles Rich, CTI Group’s Sales Manager for the Global Financial Markets, said “In 2008, when the FSA originally proposed the recording of all voice and electronic communications, with the exception of mobile phones, in a bid to tackle market abuse in the financial sector, it was met with criticism. However, its new proposals to remove the mobile phone exemption should be viewed positively as a risk management measure that will protect financial institutions from potential rogue traders in their midst.”