Regulation

FCA prepares fresh probe into bankers’ WhatsApp use

FN reveals that the FCA asked a host of City firms how they are tracking staff messages, with another review now imminent

From banned phones to bonus cuts, City firms told the regulator they are trying to get on top of its rules around apps like WhatsApp, Signal and Telegram. Now they are preparing for another review
From banned phones to bonus cuts, City firms told the regulator they are trying to get on top of its rules around apps like WhatsApp, Signal and Telegram. Now they are preparing for another review Photo: Getty Images

The Financial Conduct Authority will hit City firms with a survey about how their staff use encrypted messaging services in the coming weeks, Financial News can reveal.

The regulator is taking another look at how finance firms monitor so-called off-channel communications, according to people familiar with the matter, after a previous probe showed firms were still grappling with rules intended to stop market abuse and insider trading.

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