Question:

Does anyone know if there any legal requirements about how long you must hold a recorded call for? Do you have any guidelines as to how long you hold your own recordings? 

Read on to find out the answer……

Answer: Courtesy of Tracy McAvoy at Business Systems (www.businesssystemsuk.com)

Assuming the insurance administration company is regulated by the Financial Services Authority (FSA), the latest press release from the FSA indicates the following:
The FSA has published new rules stating that from March 2009, companies will have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond and derivatives markets. Following original proposals and consultations with various organisations, the retention period for recorded calls and communications has been reduced from three years to cover a period of just six months.

The original press release can be found on this web link http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/017.shtml.

As an organisation, Business Systems retains its own recordings for a period of at least six months.

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