Alerts

FSA Makes Amendments to Telephone Taping Rules

November 22, 2010

On 11 November 2010, the UK’s Financial Services Authority (“FSA”) published its latest policy statement (the “Policy Statement”) with amendments to its rules on the recording of telephone conversations and electronic communications. From 14 November 2011, FSA-authorised firms must (unless an exemption applies) ensure that all relevant communications relating to client orders made from equipment owned by the firm are recorded and retained. FSA-authorised firms must consider what “reasonable steps” they need to take to ensure that such communications do not take place on private communication equipment and should also consider making possible amendments to their own policies and procedures.