Until now, firms regulated by the Financial Services Authority (FSA) have not had to record mobile calls and texts, largely due to the perceived technical complexity involved.
However, the recent announcement of the FSA Revised Policy Statement (10/17) has effectively closed this loophole. As of 14 November 2011, regulated organisations must record all relevant electronic communications in order to meet their regulatory obligations.
Arguably, this is no more than mandating what should already have been considered good governance or best practice, both in terms of protecting the business and ensuring a good customer experience.
The new regulation supports disaster recovery and contingency planning, for example, by enabling traders and other key staff to work securely from remote locations. By accurately recording all interactions between the organisation and its customers, such a solution also substantially reduces the risk of misinterpreted information and potential costs and reputational damage arising from dispute resolution.
So what might a best practice solution look like? Ideally it should be a