Record Calls For FCA Regulatory Compliance
Regulation by the Financial Conduct Authority (FCA) requires firms and individuals in the financial services industry to record their transactions and agreements including those taken in a telephone call.The FCA regulations MiFID I and MiFID II (Markets in Financial Instruments Directive) helps protect consumers against market abuse, increase transparency, helps to prove best practice and resolve complaints.First introduced in 2007 MiFID I includes important directives;
- Mandates transparency for all trades
- Outlines the requirements to regulate trade markets
- States the rules for trade instruments’ admission into the trading arena
- Provides codes of conduct and operational requirements for investment institutions
- Indicates the rules and processes to be followed in the event of financial or operational abuse of financial markets
The scope of MiFID I was increased in 2014 with the introduction of MiFID II and now covers;
- Funds and fund managers
- All trading exchanges
- Banks and bank managers
- Any venues for trading
- Pension funds
- Traders, Brokers and Investors
MiFID II addresses the following markets;
- Fixed income
- Equities
- Futures
- Exchange-traded goods
- All retail derivatives
In 2016, the FCA extended MiFID II by including IFAs (Independent Financial Advisors) in the requirement to record financial transactions, including agreements made by phone. In 2019, the FCA moved to regulate Claims Management Companies and ruled that call recordings must be made and kept for 12 months. Financial Ombudsman Service information has also shown that the majority of complaints about investments centre on the “conversations when investments are sold.” Firms must record telephone conversations and electronic communications relating to “the reception, transmission, and execution of orders, or dealing on own account.”
Summary of MiFID II call recording requirements:
- 5 years data retention period
- Communication covers email, mobile, and landline calls etc.
- Applies to “article 3 firms” including IFA’s and boutique corporate broking firms
- All regulated firms including those giving advice to record calls and electronic communications
The Vidicode Apresa Call Recording System- Helps You Achieve FCA Compliance
- Comprehensive audit trail with easy search for recordings
- Fingerprinting & Encryption for added security
- Authenticated & restrictive user access
- No time limit on retention of recordings
- Screen recording to capture all activity
- Secure Mobile Phone Recording
Talk to us about the Apresa call recording solution and how it will help you to comply with FCA, and MiFID II regulation.
Simple to use and easy to impliment for hosted SIP or on site PBX phone systems.
Call 0203 4881498 for a no obligation assement of your FCA compliance requirments.
Further information on MiFID II and FCA regulations can be found here:
https://www.moneymarketing.co.uk/fca-asks-advisers-record-telephone-calls
www.fca.org.uk/markets/mifid-ii
www.fca.org.uk/publication/documents/mifid-ii-application-notification-guide.pdf
Our Clients
Since its inception in 2004, TravelUp has aimed to make worldwide travel effortless for its customers. With so many options for a customer, its bespoke deal finder technology searches masses of different suppliers simultaneously. It quickly returns all the best available deals for flights, hotels or full... Read more
... Read more
Based in Huddersfield and proud of their Yorkshire heritage TLF Research boast a proven track record of improving the customer experience, satisfaction, and loyalty of their client’s companies through the design and running of customer research programmes. As a full-service agency TLF has assisted customers including Visa, Calor, Co-op and Saint... Read more
Over the last 20 years, SoloProtect has innovated and evolved to provide an industry-leading lone worker safety solution that is used by thousands of people across the world. SoloProtect work with public, private, and charity sector organisations that employ large numbers of staff who work alone, are community-based, or are required... Read more
As one of Shropshire’s biggest and longest established Motor Dealerships Budgen prides itself on giving excellent service to all its customers. Budgen has been in Shropshire for 40 years and it is still family run today. Originally started by Tommy Budgen in the 70s, Budgen was taken over by the late Robin... Read more
MSL Motor Group was founded by Stephen O’Flaherty who is widely celebrated as one of the great pioneers of modern Irish motoring. His grandson, who is also named Stephen O’Flaherty, is the Chairman of MSL Motor Group today. The O’Flaherty family have a long history in the Irish motor industry and have... Read more
When Infinity Group, one of the UK’s largest IT and Telephony providers were tasked by Right to Health, to find a reliable, user friendly call recording platform that met FCA* compliance standards they turned to Vidicode UK and call recording expert Everton Stuart. Right to Health, founded in 2001, specialise in finding... Read more
DF Markets (Delta Financial Markets Ltd.) is a Forex, CFD and Financial Spread Betting provider established and located in Canary Wharf, London. The company is regulated by the Financial Conduct Authority (FCA register number 534027). The protection of client funds is provided by the Financial Services Compensation Scheme (FSCS). DF Markets offers... Read more
Founded in 1986 by John Mills and now a global operation, JML was once a small family company that developed through consumer exhibitions with exciting live demonstrations of innovative products. Over the last two decades we’ve grown into a household name, one of the nation’s favourite brands and a world leader... Read more
The company was founded in 2003, but in 2007, with the arrival of the new shareholder, we dedicated particular resources and energy to the Investment Management business, focusing on the search for good results and outperformance of the benchmark indices. Our team’s best management skills lie in UCITS Funds and Alternative... Read more