Q.Why do they want to tap traders’ mobile phones?
A.The FSA sees a loophole in the system where traders can use mobile phones to illegally share confidential information.
Q.Are phones not already tapped?
A.Fixed line phones and email are currently recorded. The new legislation will encompass mobile calls, text messages and instant messaging.
Q.How many people will be affected?
A.The FSA estimate 16,000 mobiles will have to be recorded.
Q.What is the timescale?
A.The proposed changes are in a consultation period. This will end on 14 June. It may be law by December.
Q.So does my firm only have until the end of the year?
A.Firms will have about a year to comply with the ruling, should it be passed.
Q.won’t this be prohibitively expensive?
A.New technology has driven costs down. The FSA say no firm will be “disproportionally disadvantaged.”