The use of a call recording product could have saved a UK financial services company from a fine of more than £30,000 following a major crackdown by the F.S.A.

Britain's financial services regulator has launched a nationwide scrutiny of mortgage brokers, insurance and loan companies - and telecoms firms - aiming to ensure full compliance with industry rules. Increasing numbers, SMEs in particular, are being censured and fined.

One northern-based insurance broker has been fined over £30,000 for breaches in FSA regulations, which could have been avoided if the company had used call recording to monitor transactions and keep within the boundaries of compliance.

"The regulator is catching many companies in breach of laws regarding data protection and a range of FSA rules," says Chris Berry, director of call recording company Liquid Voice. "Banks, stockbrokers, loan companies and retail service companies are under scrutiny. And it's not only the big financial institutions who are being fined but SMEs, where they are focusing a lot of attention.

"The northern-based company involved in the latest fine could have avoided such censure if they had been using a call recording solution."