Financial institutions in the UK will soon have to record and store telephone conversations under new regulations introduced by the Financial Services Authority. From March 2009, companies will have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets. Hedge fund managers, stockbrokers, dealers and traders will all have to record their calls.

The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

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The links below explain the FSA directive:

CP07/9: Conduct of Business regime

The full FSA Policy Statement can be read at: http://www.fsa.gov.uk/pubs/policy/ps08_01.pdf