Why call recording solutions are a must in financial institutions

Call recording rules and requirements are handled by the FSA or financial services authority. This alone already gives you an idea of which types of companies are required, to the call recording systems in its regular operations use.

The FSA published the telephone recording rules and regulations a few years back, in an effort, detect and prevent the market abuse and manipulation of the market in the UK. This is objective in line with the FSA to ensure that there is a full audit trail to protect the best interests of consumers. But as the FSA about financial company, said is only responsible only to the rules applied of certain types of companies.

What is the main requirement? These companies are required to record all telephone calls and other electronic correspondence related to sales orders and transactions. This applies not only for telephone calls, but also to E-mail, instant messaging and fax messages. The only form of communication, the still unrecognised FSA judgments is mobile phone conversations, an area that requires further research and testing, according to the FSA.

Organizations and companies that are required to record all calls include stock exchange companies or who deal or trade in shares, shares, stocks, and bonds and hedge fund managers. Pertinent information regarding the calls should also be documented; These include times, length of calls and appointments.

Around 1 per cent of revenues may be punished companies that do not comply with. FSA also requires these companies to store recorded calls for as long as six months. This retention period was achieved after a long consultation with industry experts. Therefore a company should have saved at least six months worth of phone calls at any time, except for important, interesting or controversial phone calls. Companies must use encryption also call to make sure, that the recorded calls are manipulated can not.

There are however some exceptions to the rule. The call recording requirements other than insurance companies have fire insurance, liability insurance, and other contingent insurance products and financial advisors dealing with non-investment products such as automobile insurance, damage.

On the other hand, all investigations become complaints are examined Ombudsman Service by consumers by the FOS or financial, if such are not regulated by the company within eight weeks from. The FOS has the right to use recorded calls as a factor in resolving the dispute.

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Source:Voip