Notes from the Watertower

Call Recording and the FSA

Further to my recent post about call recording, I’ve been looking about for places where you may have to record calls.

The Financial Services Authority (FSA) looks after the general rules and regulations for running any sort of money services companies such as money lenders, banks, mortgage companies, insurance brokers and so on, and they have produced a code of conduct in which they make recommendations about call recording. You can download consultation paper here, and the section we are most interested in is chapter 19: “Telephone Recording – recording of voice conversations and electronic communications”.

A relevant extract is 19.4:

19.4 We propose firms be required to record telephone lines used for voice conversations 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 term electronic communications has wide application and includes fax, e-mail, chat and instant messaging – but, obviously, is not limited to those.

So if you’re in the financial business then make-sure your current or next telephone system has the capability to take call recordings. Drogon Systems would recommend that you take call recordings in any business where you take orders, or deal with clients over the telephone.

This entry was posted on Saturday, July 19th, 2008 at 11:18 am and is filed under Internet, Telecoms. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.