Financial Services Industry Out of Step With FCA Regulations, says Ovum
UK Financial Services companies are still struggling to comply with The Financial Conduct Authority regulations that require them to record mobile phone conversations, according to a new report from Ovum. Research from TeleWare, who sponsored the paper, estimates that as many as 45,000 mobile devices are at risk of non-compliance. This is far higher than the 25,000 often cited by the industry.
In 2012, TeleWare found that almost half of UK organisations do not have a fully compliant solution in place. This new report has found that two years down the line, non-compliance is still an issue and the majority of impacted businesses continue to operate without effective measures in place.
A large number of organisations rely on simply imposing policies to prevent use of mobile devices for conversations that would fall under the regulations, but this approach is largely ineffectual, Ovum argues in the report.