FCA to City: Use of WhatsApp, Signal or Telegram at Work is ‘Suspicious’

John Gibson spoke with Financial News to discuss the Financial Conduct Authority’s recent warning that the agency is keeping a close eye on the use of unauthorised messaging apps in finance.

“The really critical thing for firms to do is to not ignore warning signs… [or] turn a blind eye to situations in which they [firms] know that private devices are being used for business purposes,” said John, adding that doing so represented “unquestionably [a] failing in your regulatory obligations.”

“The way in which people are working remotely and using chat applications, is storing up risk for both institutions, and for their potential supervision and enforcement of the rules,” added John. (Subscription required.)