In March 2008 the Financial Service Authority has introduced in its policy statement the requirement for all companies that meet certain criteria[1] to keep a recording of their telephone conversations. In March 2010 this requirement has been extended to also include mobile phones conversations.

In brief, these policy statements define the following guidelines:

1. A firm must take reasonable steps to record relevant telephone conversations and keep them for a minimum of 6 months.

2. Call recordings must be stored in a medium that allows the storage of the information in a way accessible for future reference by the FSA, and so that the following conditions are met:

2.1 the FSA must be able to access the records readily;

2.2 it must be possible for any corrections or other amendments, and the contents of the records prior to such corrections and amendments, to be easily ascertained;

2.3 it must not be possible for the records to be otherwise manipulated or altered.