Orwellian Britain: FCA now wants all mobile calls recorded by FX professionals working from home - FinanceFeeds

Orwellian Britain: FCA now wants all mobile calls recorded by FX professionals working from home

Andrew Saks

Government tyranny will now make its way into the homes of FX industry employees as they do their best to work remotely, ramping up the state driven move toward Stalinist dystopia that has existed since March last year

The tyranny imposed on the British people continues this week, as the Financial Conduct Authority (FCA) has now mandated that it seeks to ensure all firms under its remit whose employees have been forced to work from home have their calls recorded and reported to the regulator.

As if there isn’t enough dictatorial authoritarianism, each week the government stepping up its intrusiveness and thinking of a new set of draconian restrictions with which to paralyze business and society, the FCA has now stepped in with its Orwellian dystopia.

The FCA has now said that monitoring calls on mobile phones is ‘paramount’ and the leniency shown in March is to end.

This is a sign that the regulator will start clamping down on businesses failing to comply, after a long period of leniency necessitated by the challenges that have come about due to government-driven hysteria and lockdowns.

According to CallCabinet Managing Director Darren Beck, now is the time for financial institutions to get their houses in order in this area.

Mr Beck said today: “We know companies had to work quickly to implement remote workforces last year, and understandably that haste will have led to some firms deploying technology that didn’t meet internal compliance practices, or rules enforced by the FCA. The FCA recognised the difficulties organisations were facing, so took a looser approach to enforcement. This is something we and many others supported in the interests of fairness.

“However, this latest announcement from the FCA comes as no surprise. If we think back to the original introduction of regulations such as MiFID II, the FCA allowed some leeway in the early days, to give organisations time to become compliant. Over time, this rightly changed. The same is true here: remote working has been in play for almost a year, which is ample time for financial services firms to assess their regulatory obligations and make whatever changes are needed.”

To ensure companies do not fall foul of this stricter emphasis on enforcement, Beck asserts that reliable mobile call recording capabilities are integral.

He added: “With a more remote workforce that is heavily reliant on mobile devices, comes a greater need for mobile call recording to complement existing fixed-line technologies. This might seem tough to implement given the dispersed nature of the workforce, but there are ways of making it happen.

“Firms should focus on introducing technologies that not only assure compliance from a call recording perspective, but also have minimal impact on the user experience. This means implementing tools that, for example, can record mobile calls at network level, without any need to install applications.”

Mr Beck concluded: “This change in the working environment is the most disruptive period of upheaval most of us have seen in our lifetimes. Early on it was a case of needs must, with many understandably forced to flex the compliance rules in an emergency. Now though, there can be no more excuses: firms must do everything in their power to avoid regulatory breaches.”

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