FSA REG DEADLINE LOOMS
19 Aug, 2011
Security Crucial as FSA Deadline Looms for Financial Institutions
As the deadline fast approaches for compliance with the Financial Services Authority (FSA) rule change on the recording of conversations on mobile devices, financial institutions need to be aware of the security risks as well as adopting an effective system with minimal disruption. Natterbox, the hosted voice provider underlines the key issues affecting organisations, surrounding the rule change which takes effect on 14th November 2011.
FSA rule change compliance, what it means:
- Deadline – The FSA rule change takes effect from 14th November 2011. The FSA requires the recording and storage of all ‘relevant communications made with, sent from or received on mobile phones and other handheld electronic communication devices’
- Liability – All financial institutions need to comply with the rule change and are responsible for ensuring employees are fully briefed. Liability is with the organisation to ensure employees are complying with the rules.
- Solution – Various solutions are available allowing organisations to comply with the rule change. An on-device solution provides the ability to record on individual devices and on-network recording, as provided by Natterbox, means calls are recorded centrally via a network. Advantages of on-network recording, which is a cloud-based system, means it can be adopted seamlessly by organisations without affecting the user experience
- Security – The on-network system cannot be circumvented by individual employees. Employees could remove the SIM from other solutions to prevent call recording. The system offered by Natterbox also provides secure access via custodians and full audit logs of recording access and access attempts, reducing the risk of recordings being ‘hacked’
Neil Hammerton, CEO of Natterbox commented: “Although there are various solutions available for recording mobile communications, it is vital that financial institutions consider the efficiency and security of the system they adopt. A hosted, on-network solution is unrestricted and it can operate effectively wherever the caller is based without the need for additional hardware or software. As access is controlled by a nominated custodian and all access is logged for easy audit, organisations can have peace of mind that recordings are safe. ”
Natterbox is currently working with large international financial organisations to deploy mobile phone call recording ahead of the Financial Services Authority policy change which comes into effect from November 14th 2011.
Launched in 2010, Natterbox is a hosted voice provider for businesses, whose vision is to provide smart and simple-to-use voice communications solutions. Core services, such as its real-time voice integration with CRM systems, including Salesforce.com, are available for organisations who wish to turn the power of voice into reporting and analysis that can greatly improve a customer’s experience with its brand. Its Voice Anywhere service, which takes standard Hosted PBX to a new level, has the ability to allow any phone device, anywhere in the world to become a personal office extension.