As of 3rd January 2018, all UK businesses operating in the financial sector will have to record calls. Actually the new recording law (MiFID II) applies to all forms of communications – TDM, VoIP, SMS, Instant Messaging, Mobile Calles, Email and Face-to -Face – where a transaction takes place or is the intended outcome.
The Markets In Financial Instruments Directive (MiFID) was recently amended by Financial Conduct Authority (FCA) to include compulsory call recording. MiFID was first implemented in 2007 by the FCA to regulate financial services and protect investors.
The expanded regulation MiFID II will require obligatory call recording for all financial sector businesses regardless of size. This can also be in written form. Note that all recordings must be held for at least 5 years and there will be severe penalties for those failing to comply.
Therefore, the businesses in the financial sector should be already preparing for this new regulations like; what are the best call recording solutions that are cost effective and more importantly, the internal processes for documentation, recording, storage, work contracts amendments to include mobile calls recording, last but not least, staff training. These are some of the things that will help your business to prove to regulators that you are MiFID II compliant.
Organisations that will be affected by this new regulation include: Investment firms, Credit Institutions, Stockbrokers, Data Service Providers, Portfolio Managers, Broker-dealers, Corporate Finance Companies and many more.
We at Business Comms would recommend recording calls for our customers as this is a more efficient and accurate option for businesses.
Our Panasonic product portfolio and training provided after installation will ensure compliance for your business.
To find out more about our Call Recording Solutions and Services, contact us on: firstname.lastname@example.org / 01252 617116