The UK’s financial firms are under prepared for incoming regulation on how traders use their mobile phones, new research has revealed.
A study undertaken by Vanson Bourne and commissioned by Orange Business UK showed that nearly a third of top decision makers at financial companies were unaware of forthcoming Financial Services Authority (FSA) legislation on the recording and storage of mobile calls made by traders.
Up to 38 per cent were aware that the FSA was planning on making amendments to existing legislation but did not know the anticipated date of implementation.
Nearly half of those questioned said they had no plans on educating staff on how to comply with the new rules, the report showed.
Max Taylor, corporate marketing director, Orange, said: “According to the FSA Conduct of Business Sourcebook – the bible for anyone involved in compliance in the financial sector – employers are responsible for taking all possible reasonable steps to record relevant mobile phone conversations in order to comply.
“Businesses are already recording and storing their landline calls, it’s just a matter of getting organised in the days leading up to 14 November.”
The survey quizzed senior decision makers from 100 financial firms during September 2011.
By Jim Ottewill
Ian Hook says:
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