Information on fines for lack of voice recording compliance - March 2022

FOI Release Date of Release:

Reference Case Number: FOI9047

Freedom of Information: Right to know request:

  1. Please would you supply me with all or any Banks who have been fined for lack of voice recording compliance.
  2. Also, if there is an existing/updated compliance requirement for Voice/Comms recording in the UK for Banking/Health/Insurance/Government.

FCA response:

Question 1

There have been no banks who have been fined just for lack of voice recording compliance. Though we would like to explain, on 23 April 2015, we fined Deutsche Bank AG for LIBOR misconduct, but there was also an element of non-compliance with voice recording requirements. We found that Deutsche Bank’s system “for identifying and recovering recordings of Trader telephone calls” (para 2.10) was inadequate contributing to a wider PRIN 3 finding against them. View the Final Notice.

Question 2

The relevant rules for financial firms sit in the FCA’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC 10A).

You may also be interested in Market Watch 66 which we published last year on this topic.