The FSA must think investment bankers are really, really stupid if they think that this will stop insider dealing

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 ……..

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