Private equity firm Oxford Capital has led a £2 million investment in Compliant Phones to accelerate the global roll out of the business’s mobile data and voice recording technology.

Private equity firm Oxford Capital has led a £2 million investment in Compliant Phones to accelerate the global roll out of the business’s mobile data and voice recording technology.

The investment comes six months ahead of new Financial Services Authority (FSA) mobile recording regulations that will come into force in November this year and will require financial services companies to record every customer conversation.

Compliant Phones’ technology enables regulated financial firms to record all incoming and outgoing mobile calls, voicemails and texts. It can also be used across any network and any country.
 
Under the FSA Taping of Mobile Phones regulations, it will be mandatory for UK financial service businesses to record mobile calls and text messages involving the giving of advice and taking orders, no matter where the call is placed or received. Similar legislation is being introduced across other European states, most recently in Norway.
 
Colin Watts, investment director at Oxford Capital Partners, said: ‘We are very pleased to support the roll out of this innovative technology which will enable global organisations to address their risk-management and compliance requirements in a fully connected communications environment.’
 
Curtis Nash, chief executive of London-based Compliant Phones, added: ‘Trading is a global twenty-four seven activity and Compliant Phones’ technology provides solutions to meet this environment and deliver compliance to financial institutions of any size.’