The Financial Services Authority (FSA) is reassuring advisers they do not need to record telephone conversations with clients after some received inaccurate promotions suggesting they did.
A number of financial advisers began receiving emails from IT providers offering call monitoring software following an FSA paper in November, which outlined rules on the taping of mobile phones.
However, the regulator has confirmed the legislation does not apply to retail financial advisers.
An FSA spokeswoman said the policy document applies only to "investment firms, comprising of banks, stockbrokers, commodity and derivative firms, and some investment managers - including collective investment scheme managers and hedge fund managers - as well as insurance companies."
One promotion, sent to advisers yesterday, claimed: "New FSA rules came into force requiring all FSA regulated firms trading in the FS [sic] markets to record phone calls".
It continued: "Companies need to have recording of mobile phones in place and working; all relevant calls must be recorded; a relevant call being a financial transaction involving a third party."
The provider said it had been working with the IFA community to "reduce financial crime".
Financial advisers were targeted in a similar way in 2008, when the FSA made a rule change aimed at preventing market abuse.
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