Following the FSA’s recent decision to review the exemption on recording staff mobile phones, a number of technology providers have come forward with secure, tamper-proof mobile recording technology designed to meet future compliance requirements. It is widely expected that the exemption will be removed later this year, a view reinforced by the FSA’s promise to get tougher on market abuse and their recent high profile arrests and prosecutions for ‘insider trading’.
The recording of business mobile phones in the City will complete the recording of all electronic communication for FSA regulated activities, but it does not have to mean a complete overhaul of a company’s existing call recording investment.
Technology is available which enables mobile calls to be routed through a firms existing call recording infrastructure. For compliance purposes a mobile handset can be configured so that all calls, both inbound and outbound, are recorded. It has also been designed to be tamper-proof, ensuring that the user cannot decide to not record a call, and that the recording cannot be accidentally lost or deliberately destroyed after the event.
There are two options for storing call recordings, either on a hosted server, or on the firm’s site. With a hosted solution, calls can be routed through and stored on the hosted server and the call recordings accessed by logging in to a secure portal. The advantage of the hosted option is the ‘pay-as-you-go’ model, with no need to purchase, install, maintain and upgrade additional hardware.
For an onsite solution the call recordings can be routed through a server and stored on the firm’s existing call recording system. This will be the preferred option where an organisation’s data policy requires all call recordings to be stored within the organisation.
The typical cost to firms will come largely from the purchase of the server, additional recording channels if required, and a monthly license fee per handset for the technology. Stephen Thurston, one of the founding Directors from Business Systems (UK) Ltd concludes “Mobile call recording vendors should not only be able to supply robust, secure, easily deployed solutions, they should build on a firms existing investment and provide clients with flexibility, choice and financially dynamic payment models to suit current market conditions.”