FSA Policy Statement 10/9
24 September 2010
The Financial Services Authority (FSA) has introduced new record keeping requirements for mortgage arrears handling.
Arrears handling of regulated mortgage contracts and latest FSA changes
The requirement is as follows:
From 25 December 2010, if you call a borrower on behalf of a lender or Third Party Administrator (TPA) to negotiate repayment terms and/or forbearance options, you will need to record that call. You will therefore need to make the necessary arrangements for this to happen and for records to be retained by or readily accessible to the lender and/or TPA. Records must be kept for three years from the date of the call.
July 2010
Barclaycard clarify the issue on PCI compliance
There has been some confusion in the Voice Recording Arena as to the situation of recording and storing of sensitive credit card information taken over the telephone and specifically the CVC2/CVV2/CID. The documentation issued by the PCI Security Standards Council was subject to various interpretations. Some considered that encrypting the calls alongside security of the recorded data would suffice. This is not the case.
Barclaycard have issued the following statement:
Does PCI DSS apply to you?
If you store, process or transmit any cardholder data electronically or manually, then your business needs to comply.
You're allowed to store primary account numbers, cardholder names, service code and expiry dates, provided they're protected in line with PCI DSS requirements.
You're not allowed to store the following and if you are, must remedy the oversight immediately:
- Full magnetic stripe – track 2
- CVC2/CVV2/CID
- PIN/PIN block
- Sensitive authentication data, even if encrypted
ArcAngel technology is more than happy to discuss individual requirements on how to make your recording system PCI compliant and the various options available.
Link to full Barclaycard PCI DSS information
http://www.barclaycard.co.uk/business/accepting-payments/pci-dss/
April 2010
FSA release consultation document on removing the exemption to record mobile phones.
10/7 Financial Services Authority
Taping: Removing the mobile phone exemption
The FSA
has issued a consultation inviting comments with a deadline of 14th June 2010.
In March 2008 the FSA published rules which made it a requirement for firms
to record and keep for 6 months relevant communications.
Relevant communications refer to voice conversations and other electronic communications that involve the receipt of client orders and negotiating agreeing and arranging transactions in the equity, bond, financial and commodity derivatives markets.
Mobile phones were excluded from these rules primarily because the technology was not available or at least considered to be insufficiently developed.
The FSA consulted with technology suppliers, trade associations and economic consultants to test the feasibility of applying a taping requirement to mobile phones.
It is anticipated that by the end of 2010 the exemption will be removed and firms will have 12 months to comply with the new regulation.
March 2009
FSA’s new call recording regulations for UK companies Under regulations introduced by the Financial Services Authority (FSA) 6th March 2009 UK financial institutions now have to record and store telephone conversations and electronic communications relating to client orders. Firms will have to record all telephone conversations and electronic communications involving client orders for the equity, bond and derivatives markets and retain the files for six months. Electronic communication includes e-mail, instant messaging and faxes.
The FSA has applied an exemption to recording voice conversations on mobile phones and other handheld devices for the next 18 months, claiming that technology required to tape and store mobile phone conversations is new and untested.
ArcAngel Technology is in a position to be able to offer systems to record mobile phones which will ensure that each and every call made or taken will be recorded without control or intervention by the user.
