Stockbrokers' UK mobile phone calls and texts will be recorded
Irish stockbrokers and other people working in financial services have been warned their mobile phone calls and text messages are likely to be recorded from November, anytime they do business in the UK.
Several of Ireland's leading stockbrokers -- who already have their landline calls recorded -- have been contacted by the UK Financial Services Authority (FSA) and alerted to the planned moves.
As a result, one brokerage here has already installed a whole new system to record mobile phones, while another is currently in the process of getting a system in.
The changes are designed to prevent any potential market abuse and give regulators a record of transactions.
Messages using BlackBerry Messenger are also going to be recorded.
The changes will impact on stockbrokers, money brokers, inter-dealer brokers, hedge funds and fund managers.
The changes are not expected to impact on banks, at least initially.
The changes are to take effect on November 14 and while the Irish regulator is not planning to record mobile calls or texts, the changes in the UK are likely to be replicated in this market eventually, said stockbrokers yesterday.
Rob Magee, a partner at Capstone, an IT company that works with stockbrokers and integrates their technology, said the issue was preoccupying a lot of Irish firms who do business in the UK at present.
He said the regulations would impact on a broad range of people, particularly those doing any kind of financial transactions between Ireland and the UK.
A stockbroker who spoke to the Irish Independent said people in the industry were used to being monitored and it was standard practice. However, he said people's private mobile phones had been immune before now.
Mr Magee said there was technology to record mobile phone calls available and texts could be kept by effectively programming a mobile phone to cc all texts to an off-site server.