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N&P says cost of recording advice is too expensive

Norwich & Peterborough Building Society says recording conversations with customers could protect the wider interests of members but the costs are too high.

The society has been looking at the cost benefits of recording meetings in branches as a means of fulfilling regula- tory obligations.

Chief executive Matthew Bullock believes this may be the best way to safeguard N&P against misselling accusations.

But although he considers that recording conversations could help to dispel doubts of the advice process, he says it would be yet another cost of regulation.

N&P says the cost of implementing a recording service for its two-year-old advice arm is too high at present but it sees the issue as growing in importance and thinks it will have to be addressed at some point.

The FSA does not require firms to make recordings of conversations although serv-ices do exist.

Bullock says: “I can see the recording of conversations as becoming necessary but we have come to the conclusion that this is yet another cost of regulation which at the mom-ent we cannot afford.”

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