Call Recording | FSA Call Recording Compliance

Good Business Practice - Legal Compliance

Where businesses such as financial services, mortgage agents, insurance brokers, solicitors and banks conduct a substantial amount of business over the phone it is advisable to employ a call recording service. This ensures that if a dispute arises at a later date the exact details of a conversation can be retrieved.

People's memories of a conversation are often flawed, and notes taken down during a conversation are usually not considered sufficiently accurate should the dispute be escalated to adjudication by a relevant authority.

Download the FSA Regulations

Regulations for Financial Organisations

In an effort to reduce market abuse, the Financial Services Authority (FSA) have regulated that all phone conversations and electronic communications relating to client orders in the equity, bond and derivatives markets will have to be recorded. Recorded calls need to be archived for 6 months. Mobile phones are currently exempt but this is expected to change.

The FSA also strongly advises their members that all phone conversations be recorded as a protective measure.

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The FSA and Ombudsman do not require call recording by smaller businesses, but an increasing number record their calls as an insurance against false claims.

Worth review is an article from the Ombudsman: 'The importance of telephone recordings'.

Call Recording

X-on's Call Recording service employs encryption of the conversation at the source, providing a recording which can be demonstrated to be intact and free of any tampering. This originality can not be attributed to a standard MP3 or wave file. This makes the recording more likely to be deemed admissible in any adjudication or legal proceedings. This is referred to as a WORM file - Write Once Read Many.

It is often the case that just hearing the original recording results in dispute resolution, once relevant parties hear 'what was actually said'.

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Benefits

	Protection for both business and staff with a recording of business conducted by phone
	Resolution of disputes is facilitated by hearing 'what was actually said'
	Verification of order information including transaction amounts
	Training in correct phone and sales techniques