Regulation

FCA hints at future WhatsApp crackdown

Regulator has raised US drive in discussions with overseas colleagues

Compliance officers are still waiting for the FCA to follow the SEC and make sure they can audit communications should market abuse occur
Compliance officers are still waiting for the FCA to follow the SEC and make sure they can audit communications should market abuse occur Photo: Niharika Kulkarni/Getty Images

The Financial Conduct Authority has discussed US regulators' crackdown on unauthorised messaging apps with stateside peers, in a sign that the UK watchdog could be mulling its own probe into how traders use tools like WhatsApp.

The Securities and Exchange Commission has hit banks and brokers with more than $2bn in fines over the past two years, as it zones in on traders who have conducted business through text and other channels that skirt regulatory oversight.

WSJ Logo