Market Watch 66
In January of this year, the FCA issued Market Watch 66. (https://www.fca.org.uk/publications/newsletters/market-watch-66#lf-chapter-id-recording-telephone-conversations-and-electronic-communications)
“Market Watch sets out the expectations for firms on recording telephone conversations and electronic communications when alternative working arrangements are in place, including increased homeworking. This follows Coronavirus (Covid-19): Information for firms setting out what firms must do to take account of the broader control environment in the current circumstances”.
Speakerbus has aligned with its partners to ensure that they can offer all their clients the necessary solutions and support to provide complete compliance coverage for all their communications.
The pandemic has forced the financial industry to review operating procedures to ensure that potentially unmonitored channels of communications now must be fully covered when it comes to being recorded and monitored.
The FCA has stated that this is not solely aligned at a company level, the FCA has acted against individuals as well as firms for example over the misconduct involved with the use of WhatsApp and other social media channels as well as voice. The key message being that without effective recording and monitoring controls in place to protect the company, their clients and the basis of a transaction, there are significant risks which could lead to reputational damage, financial fines and criminal sentencing.
If you are currently going through a review of your communication procedures and believe that your equipment and solutions could be improved, come and talk to Speakerbus. A company with over 35 years of industry expertise, they can confidently provide your traders with the latest innovative cloud-based virtual trading solution to allow them to trade from anywhere or provide assurances that your communication channels are being captured and monitored appropriately. Together with our partners we can provide the full comprehensive compliance coverage that all firms need to activate.