Call recording regulations for the UK financial services sector

The FSA have issued regulations that state by March 2009, FSA regulated firms will have to record all telephone conversations and they will be required to retain the recorded files for at least a 6 month period.

The FSA produce guidelines for regulated UK companies, and from March 2009, all financial services companies will have to comply with legislation that stipulates companies must keep detailed tamper-proof records of all their telephone conversations relating to client orders and transactions in the equities, derivatives and bond markets and have the facility to retain the files for six months.

If your company is within the financial services sector and you carry out business transactions on the telephone, NOW is the time to act!

Rather than spending thousands of pounds on a recording facility for your existing telephone system, you could replace it with the 2CanCall iPBX which has call recording as standard. Furthermore, you will also benefit from free and ultra-low-cost calls using Voice over IP technology.