The formation of the partnership follows the recent (but long-anticipated) announcement by the Financial Services Authority (FSA) that it is to remove its exemption on mobile phone recording. This was originally granted following the establishment of legislation in 2008 which made the recording of fixed line calls compulsory.
The announcement that the exemption would be removed was made on 14th November 2010 and the FSA has stated that financial services companies have 12 months to ensure their full compliance. All FSA registered businesses must ensure that they are able to record calls made and received on mobile phones in addition to text messages, Instant Messaging, emails and other forms of mobile electronic communication. Recorded information must be retained by companies for a minimum of six months.
Fabric will be offering Obsidianâs Mobile Compliance Suiteâ¢, an end-to-end solution which has been developed specifically to help financial services firms comply with both the FSA legislation and EEC privacy laws.
Fabricâs partnership with Obsidian Wireless follows its successes in providing tailored solutions to financial services companies. These include customised deployments of SIP based trading turrets produced by IP Trade â an industry leading vendor who last year recognised Fabric as its Global Partner of the Year.
Fabric also has extensive expertise and a strong track record in providing high frequency trading networks and latency management solutions to financial services firms including, Hedge Funds, Market Makers, Algorithmic Traders and Investment Banks.
Fabricâs Head of Sales, David Redmond comments: âThe FSAâs regulations regarding landline recording came into effect in 2008. Mobile phones were exempted until now, simply because the technology was not available. Over the last 12 months, we have tested a number of mobile recording solutions to ensure that they were 100% market-ready, and Obsidianâs Mobile Compliance Suiteâ¢ stood out for its ability to record all mobile electronic data â even when a user is roaming outside of the UK.â
Says Redmond: âThe solution is the only one of its kind built upon Tier 1 carrier-grade technology and capturing data as well as voice. As such we are fully satisfied that we are partnering with the UKâs leading developer of mobile recording platforms. We are looking forward to working with Obsidian over the coming months to ensure that our clients are fully equipped in readiness for the introduction of the new regulations on 14th November 2011.â
Rachel Lowe, Head of Business Development at Obsidian Wireless added, âWe are thrilled to be working with an integrator that has such an excellent reputation in the UK marketplace, one which is backed up by numerous awards from industry leading organisations. Their skills and experience in the trading environment, coupled with their understanding of the infrastructure into which mobile compliance solutions must be integrated, makes them the perfect partner for Obsidian.â
The FSAâs official policy statement provides detailed information about the legislation including a full list of requirements.