The FSA has announced that it will be removing the exemption of Mobile Phone recording, leaving FSA regulated companies only twelve months to put in place equipment to record voice conversations and other electronic communications that involve the receipt of client orders and the negotiating, agreeing and arranging of transactions across the equity, bond and financial commodity and derivatives markets, and to retain electronic communications relevant to these activities.
The subject has been controversial within the banking and finance industry, since the legislation of landline recording was brought into effect in 2008.
The reason for the delay in making mobile recording a legal requirement lay in the lack of technology that was available at the time, to meet the market demands which the removal of the exemption would bring, until now.
Obsidian Wireless is the developer of mobile recording platforms was closely involved in the consultation process leading up to the FSA announcement and they comment that together with their partners, they will be positioned to offer companies directly affected by the FSA announcement the opportunity to provide a compliant solution by November 2011.
Sarah-Jane Heber-Hall, Director at ComputerTel says her company’s mobile recording offering, powered by Obsidian, has a unique advantage, “It is the UK’s only truly integrated ‘in box’ mobile call recording solution. Unlike other mobile call recording products, ComputerTel’s Carina Mobile product shares a core hardware platform with Obsidian’s technology, which means that the Obsidian Mobile Compliance Suite simply integrates directly with the ComputerTel server, without the need for a separate interface.”
Following this announcement by the FSA, ComputerTel’s Managing Director Philip Haynes commented, “The FSA’s announcement today will allow us to work with our FSA regulated clients and prospects to provide them with a compliant solution at a substantially more cost effective price than the FSA consultation paper indicates, and well within the specified time frames that have been set.”