In November 2011, the UK Financial Services Authority (FSA), now the Financial Conduct Authority (FCA), introduced a regulation stating that all financial institutions' mobile communications must be recorded. The US-based Dodd-Frank Wall Street Reform followed the UK's lead with a similar directive in early 2013.
The rulings are very similar except the FCA regulation is applicable only to UK financial institutions; while the extraterritoriality nature of Dodd-Frank means that foreign banks must comply with the new regulations if they wish to continue to trade with the US.
In order to discuss the lessons learned and the practical implications of these two overlapping and complementary regulations, Finextra and Truphone hosted a webcast with industry leaders on both sides of the Atlantic.
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Our panel discussed:
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© Finextra Research 2014