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FCA SYSC 10A

Lists the obligations for the capture of communications by firms subject to the rule.

Rule Overview

Jurisdiction: United Kingdom

Regulator: FCA

Topic: Recordkeeping

Overview
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The recordkeeping obligations under this rule include the steps required of a firm to capture communications and prevent unauthorized device use as well as the notification of clients of the fact that communications with them will be captured.

SYSC 10A.1.6
Take all reasonable steps to record telephone conversations and keep a copy of electronic communications related to activities in financial instruments on firm or authorized equipment.
SYSC 10A.1.7
Take all reasonable steps to prevent employees or contractors from using privately-owned equipment that the firm cannot capture.
SYSC 10A.1.8
Communications to be captured include both those that are intended to. and those that do not actually. result in the performance of the activities in financial instruments.
SYSC 10A.1.9
Exemption from the rules for firms providing services solely or mainly to retail clients, subject to compliance with the requirement that telephone conversations be recorded in writing.
SYSC 10A.1.10
Exempt retail firms under 10A.1.9 must state their choice to be exempt in their formal recording policy. Additionally, any written notes substituted for call recordings must capture all relevant, important details of the client conversation.
SYSC 10A.1.11
Clients must be notified that communications will be recorded.
SYSC 10A.1.12
A notification to a client is only required once, usually when onboarding a new client and before the provision of any investment services.
SYSC 10A.1.13
Other communications to be recorded in a durable medium, including written minutes or notes of face-to-face meetings.
SYSC 10A.1.15
Retention period of 5 years or 7 years if requested by the FCA.

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