14 November is looming large as the next big deadline for UK banks, as financial firms prepare to record every communication sent or received on a mobile phone.

 The directive comes from the country’s regulator, the Financial Services Authority (FSA), which enforced its first set of ‘taping rules’ on 6 March 2009. Mobile was exempt from the original ruling, the watchdog says, “primarily [because] the technology to capture these communications was insufficiently developed”. After three years of investment, the removal of the exemption is based on the presence of more advanced, affordable products in 2011.

 Content Guru is playing its part in this progress with a converged recording solution that combines mobile voice, SMS logging and the blocking of unauthorised phones. Aimed squarely at financial compliance, the product has been designed so it can also link with fixed line and screen recording.

 The mobile phone exemption is the latest in a series of regulatory shake-ups instigated by the FSA. From Christmas Day 2010, UK firms dealing with mortgage arrears were required to record all relevant calls and store them for three years. The Progressive – the UK’s 11th largest building society – implemented hosted Content Guru recording to comply with the ruling – running the solution on the storm® platform. The affordability of the product was significant, as Progressive’s Head of IT, Tommy O’Neill, confirms:

 “Initial capital costs were significantly less than any other solution. Not only was the system rolled out rapidly in time to meet the regulatory deadline, it has continued to deliver increasing benefits, with operational costs considerably lower than we forecast.”

By converging records in the cloud and offering firms secure control over their data, Content Guru continues to play a leading role in the delivery of compliance-based recording solutions.

Leave a Reply

July 28, 2011
Category: News