LONDON - Recently, developers of the email compliance software Cryoserver advised businesses regulated by the Financial Services Authority to take action before the new mobile call recording rules were enforced.

Now the clock is winding down and businesses are scrambling to find a compliant solution before Nov. 14. 

The mandate will force FSA regulated companies including banks, stockbrokers, and financial and commodity derivatives firms to record all ‘relevant communications’ made with, sent from or received on mobile and other electronic communication devices and store them for a period of six months.

The purpose of the added regulation will provide the FSA an extra source of voice and electronic communication evidence, which they can use to counter market abuse and increase proper enforcement.

"More than likely companies are putting off investing in a compliant product because they are not sure which solution is best for them," said Robin Bingeman of Cryoserver, an email archiving solution. "Luckily for them, we knew it was only a matter of time before the FSA included mobile calls into the landline regulations they set forth in 2008. This gave us ample time to develop and test a technology that is compliant and tamper-evident, much like our email archives."

The developers of Cryoserver email archive software introduced CryoSIM to the market. Unlike other solutions, CryoSIM does not require software to be uploaded on to the phone. Simply replace your old SIM card with CryoSIM and all calls are recorded and stored in real time. Users can also locate any calls or SMS messages quickly and easily.

"The good news is its not too late to invest in a compliant solution," said Bingeman. "The bad news is, it soon will be and companies that do not record their employees calls will face hefty fines."

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