24 August 2023
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Ofgem issues significant fine for failures to record and retain trader communications sent through WhatsApp

To The Point
(4 min read)

The use of end-to-end encrypted messaging services by staff on personal devices poses significant challenges to regulated firms subject to record keeping requirements.  This significant fine from Ofgem (brought under the REMIT regime for gas and electricity trading, but with implications for financial services firms more widely) serves as a reminder that the regulators are continuing to focus on the use of such systems, where they cut across record keeping requirements. Firms will need to show not only that they have appropriate policies and procedures in place, but also that they are embedded, acted upon and tailored as circumstances change.

Ofgem's enforcement decision
Lessons from this enforcement
Continuing regulatory focus on encrypted messaging services
Where the future lies – GenAI

Next steps

We can help our clients to put in place effective controls around this issue.  Should you wish to discuss these matters further, do not hesitate to contact one of the authors: 

David Pygott > 
Gilly Bradbury >
Minos Lau > 


To the Point 

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