The Financial Services Authority announced today that “relevant communications made with, sent from or received on mobile phones and other handheld devices must be recorded and stored for six months.” The new rule is expected to cost banks at least 10,000 pounds ($16,000) per phone, per year, which they are none too pleased about, especially given the pointlessness of the exercise. Is the UK regulator aware of the fact that if someone wants to insider trade, they’re gonna find a way, regardless of their work phone being tapped (like, for instance, using a personal phone or meeting in person to trade hot tips) and that the only thing they’re going to determine from these calls is which banks employ the highest number of bondage and clown fetishists? Yes, and they don’t care. Read more »
- 11 Nov 2010 at 12:30 PM
FSA To Require Firms To Record Employees’ Phone Calls Despite It Being A Waste Of Money That Enterprising Insider Traders Will Undoubtedly Work AroundBy Bess Levin
- 28 Aug 2014 at 8:00 AM
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