BT today launches a consultancy service to help firms meet new regulatory obligations.
Available now, the "Mobility Compliance Quick Start" is BT's new consultancy service that helps firms address forthcoming compliance requirements to record all communications from mobile devices related to the execution of client orders or transactions.
UK based financial services firms have until 14 November 2011 to comply with new Financial Services Authority (FSA) regulations. From that date, all mobile communications made on a financial institutions' fixed or mobile devices will need to be recorded and archived for at least six months. The rules will cover a wide range of users including front office sales people, traders, back office advisers, settlement, private banking areas and corporate finance.
BT's Mobility Compliance Quick Start will help financial institutions assess the capabilities of their current mobile processes and infrastructure, benchmarking these against FSA required practice. It will also identify how to improve current capabilities to deliver a service that is aligned to the new regulations.
Larry Tabb, founder and CEO, Tabb Group, said: "Achieving compliance against this new regulation is going to be extremely complex. The current voice architecture, trading turret infrastructure, mobile device type, security policies and employee's role will all have a bearing on the type and design of the solution.
"We are already seeing significant activity in the market for mobile recording technical solutions. But at the moment there are no mature solutions available that provide a completely compliant solution out of the box."
As part of BT's Mobility Compliance Quick Start, a team of consultants will examine the financial institution's voice and IT assets that are potentially affected and assess the regulation's potential impact on different employee roles. A combination of physical observation, business data analysis and business modelling will be used. Following this, a comprehensive assessment and recommencommendation of a compliant way forward is provided to the institution.
Howard Boville, head of financial markets and MD trading systems, BT, said: "Estimates about the likely cost of complying with this regulation vary widely, and financial institutions could be faced with a hefty bill. So it is vital that every institution carefully reviews the options and then chooses the most appropriate and cost effective way to achieve their business needs. Our Mobility Compliance Quick Start will help them do this."