Telephone Conversation Recording Regulations for Financial Organisations

Governmental bodies, including the Financial Services Authority (FSA) regulate the practice of financial institutions, including fund managers, investment houses and merchant traders. Regulated firms are required to keep an accurate, up-to-date record of all trades and transactions. The safest and easiest way of achieving this is to record telephone conversations between traders and customers.

• For further information on the FSA's regulations please visit www.fsa.gov.uk
• Guidance can also be obtained from the London Stock Exchange: www.londonstockexchange.com

Insurance brokers, mortgage advisors, financial services and solicitors conduct a substantial amount of business over the telephone. The FSA and Ombudsmen do not require smaller businesses to record their calls. However many choose to record telephone conversations on a voluntary basis, due to the clear associated benefits:

• Protection: Call recording protects both your business and your staff by keeping a permanent recording of business conducted over the telephone
• Dispute Resolution: Recordings provide an accurate account of 'who-said-what', which facilitates fast resolution to customer queries or complaints
• Fact Verification: Playback calls immediately to check back information given on the call
• Transaction Verification: Ensure the correct amount is debited or credited to the customer
• Training: Educate staff in call handling and sales techniques

The Ombudsmen has published an article entitled:
'I never said that!' - the importance of telephone recordings
Click here to read it.