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Monitoring: financial services

Updating authors: Nick Thorpe and George Orman
Consultant editor: Paul Ellison

Summary

  • The Financial Conduct Authority (FCA) requires firms carrying out activities in relation to a financial instrument to take all reasonable steps to record all telephone conversations and to keep all electronic communications relating to such activities that are intended to lead to a transaction or relate to the conclusion of a transaction. (See FCA recording requirements)
  • Employers must consider their obligations under the General Data Protection Regulation (2016/679 EU) and the individual's right to privacy when monitoring employees and/or clients. (See FCA recording requirements)
  • If a firm fails to comply with its recording and record-keeping obligations, the FCA may take enforcement action against the firm and its senior management team. (See What should be recorded?)
  • Firms must retain records of all relevant telephone conversations and email communications for at least five years from the date the record was created. (See Retention of records)