In Regulatory Wrap for the week to August 25, 2023, we take a look at Ofgem's £5 million fine to Morgan Stanley for recordkeeping failures.
In this Regulatory Wrap, we take a look at one of the most significant regulatory developments for recordkeeping in the UK. Energy regulator, Ofgem, issued over £5 million in fines to Morgan Stanley for its failure to capture and preserve the business communications of traders that were made over WhatsApp. Our Director of Regulatory Intelligence, Rob Mason, explores the significance of this development.
1. The UK’s energy regulator, Ofgem, has issued a £5 million fine to Morgan Stanley for failing to capture and preserve WhatsApp messages
2. Morgan Stanley had banned its energy traders from using WhatsApp, but those bans were ignored
3. UK-based firms should be on notice that it isn’t only financial regulators that are focusing on off-channel comms
This Regulatory Wrap is brought to you by Global Relay’s Director of Regulatory Intelligence, Rob Mason.
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