If you talk on the phone to your broker or financial analyst in the UK, the call is being recorded, whether he or she is on a landline or mobile. You can expect such requirements to be enacted in the U.S. and throughout the EU soon. It doesn’t matter what kind of phone the representative is using in Britain; as of two weeks ago the rules changed.
The Financial Services Authority (FSA) is the regulator of the financial services industry in the UK. In March of 2008 the FSA enacted a regulation known as COBS 11.8.10R to require alltelephone conversations and electronic communications to be recorded to and from traders, brokers, or anyone engaging in financial transaction that were likely to result in a trade. At that time the rules exempted calls to and from mobiles. The requirements were incorporated within the Conduct of Business Sourcebook (or COBS) which sets forth practices for the investment world in the UK.