The push from the Financial Conduct Authority (FCA) to assess and monitor the use of private messaging apps in financial services is not expected to be expanded to the wealth and asset management sectors, PA's sister title Investment Week has revealed.
ast year, the regulator started investigating the use of encrypted messaging apps in banking, following a similar move from the US Securities and Exchange Commission. Over the summer of 2024, the FCA sent City firms a survey to assess and understand how their staff uses encrypted messaging services and how such channels are monitored by the institutions. In its response to a Freedom of Information (FOI) request sent by Investment Week, the watchdog said there currently is no intention to expand its assessment of the use of encrypted messaging for the wealth and asset management sector...
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