In its consultation paper, the FSA states technology has advanced sufficiently to enable firms to tape calls from staff mobiles. The wiretap can either take place on the handset itself of via a remote server, and retrieved and stored on an in-house or outsourced hosted server. While the scope of the proposed rule change will only apply to mobile phones issued by firms for business purposes, the FSA is also proposing to introduce a new rule requiring firms to take "reasonable steps" to ensure that business calls are not made on personal mobiles.
“It is true that the technology exists but the FSA estimates that the new mobile recording regulations will cost UK businesses approximately £11 million to introduce and £18 million per year to run – money that many of them can ill afford. Therefore it was vital that the Red Box mobile recording solution was easy to use, quick to implement and extremely cost effective,” explains Lee Jones, Sales Director at Red Box.
As a result, in anticipation of the consultation and in line with its ongoing strategy of working with best of breed technology partners, Red Box has been reviewing various solutions available on the market and taken the decision to add a Mobile Compliance Suite to its existing market leading solution. This will enable organisations in the Financial Services industry to record their mobile communications in a fully compliant manner, to ensure that users adhere to market regulations and also meet FSA, MiFID and BSI0008 standards.
Lee Jones, Sales Director at Red Box, said: “The Mobile Compliance Suite continues to support Red Box’s commitment to continually strive to deliver simple, easy to use solutions that involve best of breed applications. For many organisations this is as much about managing risk as it is about mobile compliance. Our solution involves the recording, storage and retrieval of mobile electronic communications and ensures compliance with the necessary standards, but beyond this, it will also help organisations to manage the inherent risk which surrounds the use of mobiles and enable them to act on the information gathered, in real time.”