Financial institutions do not need to invest in new call recording systems to comply with any future FSA mobile taping regulations, according to independent City call recording specialists, Business Systems (UK).
Following the FSA’s recent decision to review the exemption on recording on staff mobile phones, a number of technology providers have come forward with secure, tamper-proof mobile recording technology designed to meet future compliance requirements, therefore negating the need to buy complete new call recording systems.
It is widely expected that the exemption will be removed later this year, a view reinforced by the FSA’s promise to get tougher on market abuse and their recent high profile arrests and prosecutions for ‘insider trading’. The recording of business mobile phones in the City will complete the recording of all electronic communication for FSA regulated activities, but it does not have to mean a complete overhaul of a company’s existing call recording investment, according to Business Systems.
Technology is available that enables mobile calls to be routed through a firms existing call recording infrastructure, said Business Systems. For compliance purposes a mobile handset can be configured so that all calls, both inbound and outbound, are recorded. It has also been designed to be tamper-proof, ensuring that the user cannot decide to not record a call, and that the recording cannot be accidentally lost or deliberately destroyed after the event.
The typical cost to firms will come largely from the purchase of the server, additional recording channels if required, and a monthly license fee per handset for the technology. Stephen Thurston, one of the founding directors of Business Systems, said: “Mobile call recording vendors should not only be able to supply robust, secure, easily deployed solutions, they should build on a firms existing investment and provide clients with flexibility, choice and financially dynamic payment models to suit current market conditions.”
There are two options for storing call recordings, either on a hosted server, or on the firm’s site. With a hosted solution, calls can be routed through and stored on the hosted server and the call recordings accessed by logging in to a secure portal. The advantage of the hosted option is the pay as you go model, with no need to purchase, install, maintain and upgrade additional hardware.
For an onsite solution, the call recordings can be routed through a server and stored on the firm’s existing call recording system. This will be the preferred option where an organisation’s data policy requires all call recordings to be stored within the organisation, claimed Thurston.