The FSA has published a policy statement on the main issues arising from Consultation Paper 10/7 - Taping: Removing the mobile phone exemption and published final rules. The FSA will:

  • Remove the mobile-phone taping exemption and require the recording and storage of all "relevant communications" made with, sent from or received on mobile phones and other handheld electronic communication devices, issued for business purposes.
  • Introduce a new rule requiring firms to take reasonable steps to ensure that business communications do not take place on private communication equipment that firms cannot record mainly for privacy reasons.

The PS is accompanied by a newsletter and the new rules will be effective as of 14 November 2011.