Mobile Phones to be Banned for Trade Use

Proposal To Take Effect From The Next Year Onward

The UK financial regulator brings up new proposals to combat with insider trading in the UK business sector. According to this proposals, both mobile as well as telephone calls of the traders' would be recorded by the banks and brokerages, which the Financial Services Authority (FSA) may require to verify at a later stage. Untill now every other sector except trading used to fall under this regulation. The proposal is likely to take effect from the next year onwards and should cover around 22000 mobile phone users across the country as suggested by the FSA.

The regulator further said that banks may impose a ban on the use of mobile phones by the employees for business purpose during working hours.  The companies should also monitor the employees and make sure that they don't use private phones or e-mail for business to avert call recordings. According to FSA “Removing the exemption will provide an additional source of contemporaneous voice conversations and electronic communication evidence. This can also help us to counter market abuse, one of our key priorities.”

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FSA CEO Hector Sants reveals that insider trading in the UK has been "unacceptably high", fuelled by suspicious trading that prompted increase in the FSA activities. According to the data produced by FSA, insider trading took place before 29.3 percent of takeovers in 2008 compared to 28.7 percent in 2007, and 23.7 percent in 2005. A case against insider trading was filed for the first time in 2008. Consumers can get the opportunity of making cheap international calls with the right mobile phone. Making international calls is now so easy and hassle free to landlines and mobiles respectively.

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