Emma RadmoreOfgem has fined Morgan Stanley & Co International nearly £5.5m after wholesale energy traders made communications on their private mobile Whatsapp channels, which meant the firm did not record and keep records of electronic communications as required by REMIT. The failings happened between January 2018 and March 2020 and came to light when the firm responded to information requests Ofgem made using its powers under the REMIT enforcement regulations. The firm had policies banning the use of Whatsapp for trading communications, but did not take reasonable steps to ensure employees complied.
Although this fine was under REMIT, it is a lesson to any regulated firm which is required to record electronic communications.