New FSA Call Recording Regulations for all Mortgage Markets

In June 2010 the FSA announced a requirement for compulsory telephone call recording which will affect all organisations working within mortgage markets. The new legislation has been introduced to improve mortgage arrears handling and must be implemented by all mortgage practitioners by December 2011. The legislation stipulates compulsory recording of all telephone calls made to clients in respect of arrears handling, and all call recordings must be kept for a minimum of three years.

This new legislation will be applicable to all Mortgage Lenders, Mortgage Advisors, Mortgage Arrangers, Mortgage Brokers, Building Societies and Estate Agents.

From December 2011 onwards, FSA compliance for companies dealing with mortgages will only be granted to those able to demonstrate call recording capabilities. This legislation has been introduced to combat inappropriate mortgage advice and improve the effective resolution of customer disputes.

As compliance is mandatory, this provides mortgage companies an excellent opportunity to re-evaluate their existing communications systems. Datasharp offer a number of solutions from a straightforward OAK® Recording Solution which will bolt onto your existing infrastructure, through to a state-of-the-art cost saving Unified Communications Solution such as the Siemens OpenScape Office MX®. Datasharp will be more than happy to provide a no-obligation evaluation of your current telecommunications systems. You may be pleasantly surprised at how much money you can save.