Telephone Call Recording Rules

Telephone_Call_Recording_RulesRecently we saw an article on the FSA website and I thought it was something you would be interested in reading. We’ve produced our version below and trust you find it useful.

You MUST use the Original wording if sharing: go to http://www:
 it’s here as a pdf:         Telephone_Call_Recording_Rules.pdf

We established telephone call recording rules regarding the recording of phone call sessions in March 2009 subsequent to Policy Statement PS08/1, relating to: recording of telephone call conversations. The telephone call recording rules aim to tackle market abuse by identifying and punishing those responsible.

One-minute uide – telephone call recording rules

Is my firm affected?
The telephone call recording rules apply to firms whose products are included in the “market-abuse†regime. These are qualifying investments (include shares, bonds, options and futures) that are traded on prescribed markets, or other types of investment that are related to these.

The following are unaffected by the rules:
retail financial advisers;
*    insurance and mortgage brokers;
*    solicitors (other than Authorised Professional Firms);
*    estate agents; and
*    those receiving and executing loans.

What material needs to be recorded?
Those that either:
*         conclude an agreement with any customer or with another regulated body on behalf of them; or
*         are conducted with a professional client or eligible counterparty with a view to concluding a contract.

Are relevant organisations required to tape internal calls?
No, this is not part of the telephone call recording rules. We only expect a call with clients to be targeted. People in back-office functions are not subject to the rules, on the basis that they would not normally be involved in a contractual call when doing their daily job. If they do, then they are!

TelephoneSystemsDirect is an experienced telecoms provider (a Samsung Platinum Business Partner and SME Reseller of the Year trophy holder) who you can contact with regard to telephone call recording solutions that are second to none, are cheap (25% discounts), efficient. You can discuss the telephone call recording rules with our team on 0800 652 8052.

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