The Financial Services Authority has decided that all investment bankers and traders in the UK should have calls made on company mobile phones taped in a bid to crack down on insider trading. According to the BBC:
“Office land lines, e-mails and communications through messaging systems are already recorded. … The FSA estimates extending the taping rule – to come into force in November 2011 – will cover about 16,000 mobile phones and cost about £11m to set up. Annual running costs will be a further £18m it predicts.”
Strangely, however, personal mobile phones are not being included in the move. So the rogue banker – if readers can get their heads round such a concept – who wants to do a bit of insider trading on the side, only has to use their personal phone or, if they want to be really careful, an unregistered pay-as-you-go mobile.
So either bankers are really stupid or the FSA are ……..