New mobile recording regulations to fight insider trading

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New rules which mean financial services companies will have to record traders’ company mobile phones will benefit the industry, says Voxsmart.

The provider of software-only mobile call recording solutions for BlackBerry smartphones says the new Financial Services Authority (FSA) regulations will help improve the image of the sector in the long term.

From next November, all FSA regulated investment firms in the UK – from banks to high street stockbrokers – will have to record traders’ mobile phone conversations and store them for six months. This has caused an outpouring of discord in the industry with companies concerned that it could prove costly to implement.

Voxsmart’s Chief Executive Sally-Ann Angel has worked closely with the FSA during the development of the new rules. She said businesses should focus on the benefits of the new regulations rather than rally against them.

She explained: “The FSA’s recording requirements have been drawn up to crack down on insider trading and provide the FSA with evidence to convict rogue traders. Recording calls on traders’ desk phones has been a requirement for some time and by closing the loophole to include recording mobiles as well, the FSA is sending out a clear message that they are serious about preventing and detecting market abuse.”

Angel stressed that the City’s concerns about the high costs to implement new mobile recording systems are unfounded. “This is not the case,” she said. “Voxsmart offers a software-based solution which means companies can easily and securely record their BlackBerry smartphones on their current landline recording equipment without the need to purchase any new hardware. And because all calls are kept on the mobile network there are no costly call re-routing charges to pay, either. We are the only company to supply this solution, which costs a fraction of the frightening amounts being quoted in the industry.”

Angel explained that like all BlackBerry applications, Voxsmart’s VoxRecord is very simple to set up using the BlackBerry Enterprise Server. Calls are made in the same way as normal, with the resulting MP3 or WAV file securely created and stored on the company’s existing voice recording systems and all data kept securely within the company’s own firewalls.

“Alternatively, companies without an in-house voice recorder can take advantage of the cloud based service offered by Voxsmart. VoxRecord is accredited and distributed by leading call recording systems suppliers and resellers. It is a proven solution that is already being used in financial centres in London and around the world and is the published BlackBerry case study for mobile voice recording.”