FSA tells firms to record calls
The Financial Services Authority (FSA) today published new rules stating that firms should record telephone conversations and other electronic communications to help "deter and detect market abuse in the UK".
FSA says cheap credit era is overThe FSA said that, as of March 2009, firms will be required "to record all telephone and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets".
The FSA said that it had consulted on taping rules last year, and that comments resulting from the consultation had led to a further review of the cost-benefit analysis and to discussions with the industry on the "scope and practicalities" of the new regulations.
Following the review the FSA said that recorded communications and calls should only be kept for six months rather than the original proposal of three years. The FSA also said that mobile phone conversations need not be taped although a review of this will be carried out in 18 months.
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