Overview

The UK’s Financial Services Authority has confirmed that the so-called ‘mobile phone exemption’ from the rule that requires many firms to record all telephone conversations and electronic communications relating to client orders and transactions in relation to certain investments will be removed next year.

From 14 November 2011, affected firms will be required to record all relevant conversations and communications, whether carried out on in-house equipment or on mobile devices that they have provided to their staff (or have allowed them to use).

Such firms will need to buy an appropriate technology solution to enable them to record communications made on mobile devices. In addition, from the same date all affected firms must take ‘reasonable steps’ to prevent their staff from using their own personal phones and other handheld devices for such conversations and communications. Travers Smith has the details.