FSA: City managers must have mobiles tapped to combat fraud

BANKERS, hedge fund and investment managers and stockbrokers must have their mobile calls taped from November 2011 to help crack down on market abuses, the City’s financial watchdog said yesterday.

Fixed line calls involving financial business such as share orders are already taped to help the Financial Services Authority (FSA) in any fraud or market abuse probes. The FSA said these rules are now being extended to mobile business calls. Tapes must be archived for six months.