New rules requiring firms to record the mobile phone communications of their trading staff came into effect this week, and with it a new headache for IT departments. BT and TeleWare believe they have a simple solution.
While there may be many firms fulfilling their legal obligations in-house, BT and TeleWare is offering a simple cloud based system that work by replacing an employees SIM card.
Calls and texts to and from mobile phones are routed through the BT / TeleWare cloud-based network service for recording, without any additional software installed on the device, and without delays in call connections. It also means it will work on any GSM mobile.
The Financial Services Authority’s (FSA) phone recording rules, put in place after the financial crisis, require firms to record telephone and other electronic communications pertaining to transactions in the UK equity, bond, and derivatives markets.
While originally excluding mobile phone communications, after consultation last year the FSA included mobile devices effective November 14.
A report commissioned by Orange in September found that just 30% of UK-based financial services organisations had any idea there was upcoming FSA regulation.
This has created problems for IT and Communications departments who have to essentially wiretap their own employee’s phones without lowering productivity.
The challenge to firms across the country is balancing the legal requirements against the needs of an ever increasing mobile workplace.
BT claims there are a number of organizations switching to their service, with positive feedback.
"We have successfully integrated the solution in environments that have a mix of Blackberry, Android and iPhone users without any technical issues," says Andy Nicholson, President of global banking & financial services at BT.
