THE Financial Services Authority (FSA) is poised to announce tough new rules that will force firms to tap the mobile phones of traders.
It means traders will be subject to strict guidelines about mobile phone use. All calls on work mobiles will be tapped and personal mobiles will be banned from the trading floor. The FSA estimates around 16,000 mobile phones could fall under the new rules.
The new rules would bring mobile phones into line with fixed line calls, which are already recorded.
Text messages and instant messaging, including Bloomberg terminal messages, are also expected to be included.
It is understood firms will be given a period of around a year to fall into line with the new regulations.
Charles Rich of call management firm CTI Group said the changes will benefit the industry. He said: “The FSA’s mobile call recording regulations will protect financial institutions from rogue trader activity. By adhering to the rules and deploying a robust call recording solution, liability for any fraudulent activity will be attributed to the individual and not the firm they represent.”
Network providers such as Vodafone already offer facilities for recording mobile conversations.