The Financial Conduct Authority is reminding bankers and traders that they must keep meeting their recording obligations while working remotely during the pandemic.
Rahman Ravelli’s Aziz Rahman told Law360 that while the FCA sometimes issues guidance and updates in a puzzling way, this latest reminder indicates that the regulator recognises that more home working has increased the risk of misconduct – and that there are active cases.
He emphasised the difficulties facing employers looking to oversee out-of-office communications; including the near-impossibility of differentiating between an employee's work and private life as well as the risk of violating staff members’ right to privacy.
Aziz explained that companies have to ensure that arrangements are in place and the relevant equipment is available so that employees are not tempted to use their personal devices for activities that should be recorded. Such activities could also carry the risk of sensitive or confidential information being shared.
He warned that activity away from the workplace carries a greater risk of misconduct, which could lead to an FCA investigation.
Aziz's comments featured on Law360.