The impact of removing mobile phone exemption from FSA rules on call recording will soon be known. Although the deadline if 14th November is near, many companies are still to tackle the issue of compliance. In a bid to encourage best practices and reduce fraud it has been mandatory for companies in the financial services sector to record incoming and outgoing fixed line calls pertaining to their business for some time. With plenty of business deals now being conducted on the move through mobile phones, the Financial Services Authority (FSA) decided to impose a call recording legislation on mobile phones used by businesses as well
The new ruling makes it mandatory for all businesses in the financial sector to implement mobile call recording. This includes stockbrokers, banks, hedge fund managers, and other finance related firms dealing with commodity derivatives. All communication sent from or received from mobile phones is required to be recorded and stored. This includes all handheld communication devices. Negotiations and transactions on equity, stocks, bonds, shares, insurance, mortgage, derivatives, are among the list of calls that need to be recorded and archived for at least six months. Management and employees are also cautioned not to conduct such communication on their private phones that firms may be unable to record.
For every business it is time to look for mobile call recording options with Cisco Telephones and Mitel Phones among the popular choices today. Failure to comply with the new regulations could result in fines being imposed by the FSA. It is important to understand that mobile call recording and storage is different from that of fixed line calls which come in from a single point through a PBX or switch.
Mobile phone calls have different points of entry which affects the way calls can be recorded and stored.
One of the primary concerns is the security of calls. Mitel Phone Systems and Cisco Phones have several features that allow mobile call recording in a secure environment. Businesses have four options for mobile call recording. One method is to set up the call with users providing their number and the number they desire to call. When the call is established the system calls back and recording takes place. However, there are many limitations to this method. The other option is to use a hosted PBX such as a wireless LAN IP based service where mobiles are used as remote extensions. The drawbacks are the lack of support for 3G and the replacement of an existing PBX. Other methods include inline systems with software installed on handsets that diverts calls to the recording server. A USIM card can also be used to record calls within the network. This entails replacing the existing SIM card for a new USIM card.
Other devices such as the Cisco IP Phone, Mitel Telephones, Mitel 5312, Mitel 5320, Mitel 5330, Mitel 5324, Mitel 5304, Cisco ASA 5510, Cisco ASA 5505, Cisco Switches, Cisco Routers and Sonicwall Firewalls are all in hot demand from IT infrastructure managers of large companies.
Andy Starr is the Director of Open IP Ltd. He has been working in the IT/Telecoms industry since 1991. Now leading a team of highly trained experts covering a wide range of IT/Telecoms subjects; Andy is a respected voice in the UK technology industry.