MiFID II financial services call recording
The Financial Conduct Authority (FCA) has the responsibility for regulating the financial services industry. In doing so, they aim to maintain market confidence and secure the appropriate degree of protection for consumers. They also fight financial crime and contribute to the protection and enhancement of the stability of the UK financial system. In light of this, your company may require MiFID2 Compliant Call Recording.
Rules set by the FCA, in accordance with the MiFID (Markets in Financial Instruments Directive), require firms to record telephone conversations. Additionally, you must also record other electronic communications relating to client orders. This also includes the conclusion of transactions in the equity, bond and derivatives markets.
What type of business does MiFID2 apply to:
Businesses like investment firms, brokers and banks must comply to MiFID2. If your business falls within the financial market, you may need to be MiFID2 compliant. If you’re unsure, please contact us and we can advise.
What does my business need to do to comply with MiFID2:
In order to be MiFID2 compliant, your business needs to record all conversations that take place via office phones or mobiles, via SMS and even email. In other words, you must keep records of all communications and you must keep these securely for five years. Ask for expert advice here.
How we can help you stay compliant:
MiFID2 compliant businesses often turn to our Horizon Unified Communications platform. They do so for its ability to make compliance a simple and easy process through features such as call recording.
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If your business needs help with MiFID2 Call Recording compliance, contact us today!
Is your current call recording solution ready for MiFID II?
Since 2011, with the introduction of COBS 11.8, this has also been extended to mobile phones.
MiFID II came into effect on 3rd January 2018. This requires organisations to ensure they comply with much stricter regulations for call recording. The FCA is keener than ever to clamp down on market abuse and create a transparent financial system. As such, any organisation that comes under its scrutiny is likely to receive a huge penalty for non-compliance. To be MIFID ll Compliant, companies will need to be able to capture, store and demonstrate recordings of all communications. This includes, between buyers, sellers and their intermediaries. Furthermore, you must retain all recordings for a minimum of 5 years and in some cases 7 years. So, if you need advice regarding MiFID2 Compliant Call Recording solutions, please call us today.
If you are unsure whether your organisation needs to meet MiFID II compliance regulations, contact the Financial Conduct Authority.