independent.co.uk
NatWest Blocks Messaging Apps
NatWest blocks messaging apps on corporate devices to improve communication record-keeping and comply with regulations, following similar actions and penalties faced by other banks.
English
United Kingdom
Labour MarketCybersecuritySecurityRegulationBankingCommunicationCompliance
NatwestSecFcaJp MorganWithers
Harvey Knight
- What is the broader context for NatWest's action?
- The bank's decision follows a wider industry trend of clamping down on staff misuse of apps at work, aiming to improve record-keeping and regulatory compliance.
- Why did NatWest block messaging platforms on corporate devices?
- NatWest blocked messaging platforms like WhatsApp, Facebook Messenger, and Skype on corporate devices to ensure employees use "approved channels" for work-related communication.
- What is the prediction about future regulatory actions in the UK?
- Harvey Knight, a partner at Withers law firm, believes the FCA will likely follow the SEC's lead and fine UK banks for similar communication issues. NatWest's action is seen as pre-emptive.
- What are the implications of similar actions taken by other banks?
- JP Morgan faced a $125 million fine from the SEC for employees using personal devices for business communication. This highlights the potential risks and financial penalties for non-compliance.
- What are the risks associated with using unapproved communication channels?
- Unapproved apps make it difficult to retrieve messages, posing challenges for scrutiny and investigations. Using approved channels like email and text allows for better record-keeping.