Many Financial Companies yet to implement Mobile Recording

Despite the impending deadline many financial companies have still not acted upon the new FSA mobile call recording regulations, which come into force in November says Voicenet Solutions.

“Our research tells us that many FSA regulated companies still haven’t incorporated the technology.” Said Gary Pryor COO of Voicenet Solutions. “It is definitely getting busier as the deadline approaches, but our resellers are finding that some didn’t even know about the rules and others have simply been waiting to the last minute to make a decision.”

The FSA rules state that from November, mobile phone conversations relating to transactions in the bond, derivatives, equities, and financial commodity markets must be “taped” or recorded and stored for six months.

“The late adopter approach is perfect for us in way. Opting for a hosted solution means that a full service can be up and running within days, rather than weeks. The process is quite simple and can be completed by an IT Manager rather than every employee” added Gary Pryor.

Plus the estimated cost in the policy document could be having a negative effect on uptake. The Financial Services Authority (FSA), in their “Taping of Mobile phone” policy feedback report stated, “one investment bank’s analysis indicated that for a population of 50 users the estimated cost would be £500,000 (i.e. £10,000 per user).”

The FSA accept that individual cost estimates will vary, but Voicenet Solutions believe that financial companies needn’t pay anything close to this kind of figure.

“We would see a figure closer to £300-£500 per year per user for Mobile Call Recording on a Hosted Platform” said Gary Pryor COO of Voicenet Solutions.