NatWest has blocked staff from using WhatsApp and Facebook Messenger for business purposes. The decision aims to maintain official records and prevent unapproved communication channels. This move aligns with US banks, which have faced fines worth over $2.8bn for record-keeping rule breaches related to messaging services.
Overview
Background
The issue of off-channel communications has been a persistent problem in both business and politics. Services like WhatsApp are often used for convenience, but they can also lead to concerns about scrutiny. Messages sent via these platforms can be difficult to retrieve or may be set to disappear, making it challenging to investigate any potential wrongdoing.
Reasons Behind the Decision
NatWest has stated that the change came into effect earlier this month and is a result of their commitment to using approved channels for communicating about business matters. The bank emphasizes the importance of maintaining official records, which can be retrieved if needed. This decision aligns with the practices of banks in the US, where fines worth over $2.8bn have been issued due to record-keeping rule breaches.
Impact on Staff
Related Developments
The UK banking regulator, the Financial Conduct Authority (FCA), has been considering a probe into how bank workers use messaging services. This decision follows a fine issued by energy regulator Ofgem to Morgan Stanley over calls made on private phones using WhatsApp, which breached rules on record-keeping.
Key Points
-
The move aims to prevent staff from using unapproved communication channels and maintain official records.
-
Banks in the US have been issued fines worth over $2.8bn for record-keeping rule breaches related to messaging services.
-
NatWest’s decision aligns with their commitment to using approved channels for communicating about business matters.
The Change Took Effect Earlier This Month
The change took effect earlier this month, and it remains to be seen how other organizations will respond to NatWest’s lead in addressing the issue of off-channel communications.
