In January 2021, the FCA issued Market Watch 66. We look at what this includes and...
What is Market Watch 66 all about?
Here is a short excerpt: “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 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's key message of intent
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 is that without effective recording and monitoring controls in place to protect the company, clients and the basis of a transaction, there are significant risks which could lead to reputational damage, financial fines and criminal sentencing.
Get advice from Speakerbus about Market Watch 66
If you're currently reviewing your communication procedures and believe that your equipment and solutions could be improved, come and talk to Speakerbus.
With over 35 years of industry expertise, we can confidently provide your traders with the latest innovative cloud-based virtual trading solutions 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.