The latest FSA ruling in relation to recording telephone calls for the UK financial markets hit the news in March. The updated statement outlined that brokers trading in stocks, shares, bonds and derivatives will be required to record telephone conversations and other electronic communications which relate to client orders and the conclusion of transactions to help deter market abuse.

Highlights from the report are;- a deadline for compliance has been set for March 2009, the call retention period which some thought might be as long as 3 years has now been set at 6 months. The decision to record telephone conversations from mobile phones, which although considered important has been postponed and will be revisited in September 2009. This postponement is primarily due to the general ignorance of technology which is capable of performing this function. Regardless of the size of an organisation there will be an expectation that firms will be fully compliant. The full FSA report can be viewed at www.finextra.com/finextra-downloads/newsdocs/FSAcalllrecording.pdf

Business Systems can assist in making sure your installation is fit for purpose, whether that is with a simple modification to increase on-line storage or upgrade equipment where necessary, we have a range of call recording solutions available to suit most budgets. For those with smaller budgets a hosted call recording solution, paid for on a usage or subscription basis may be the way forward, particularly for those firms who do not have their own in-house expertise and do not want to have to house or maintain any equipment onsite. Alternatively the VocalCompactPro or Nice Call Focus III can prove an equally robust investment for the smaller firm seeking a CPE (Customer Premise Equipment) based solution.
 
For those firms looking at enterprise level recording solutions the NICE Perform Compliance Suite offers restricted liability, fraud detection, business intelligence, centralised storage options with inclusive business continuity support. Alternatively the VocalMaxPro is a powerful call recording, evaluation and archiving solution designed to help facilitate compliance, reduce risk and increase process efficiencies.
 
Whatever your needs, talk to Business Systems for independent advice on the best solutions to match your business requirements and ensure compliance by March 2009.