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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;

  1. Mandates transparency for all trades
  2. Outlines the requirements to regulate trade markets
  3. States the rules for trade instruments’ admission into the trading arena
  4. Provides codes of conduct and operational requirements for investment institutions
  5. 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.”

During the Pandemic in 2021, the FCA turned their attention to increased homeworking and concluded that it increases misconduct risks, especially with the rise of unmonitored, encrypted apps like WhatsApp. Firms must now ensure that in-scope activities on business devices using such apps are recorded and auditable to mitigate these risks or else face penalties.

In 2023, the FCA introduced the Consumer Duty, a significant initiative aimed at enhancing customer protection within financial services. This framework establishes elevated and more transparent standards, mandating firms to prioritise their customers’ needs. Comprising a central principle and accompanying rules, the Consumer Duty ensures that consumers receive clear communications, products and services tailored to their needs and fair value. Additionally, it emphasises timely and adequate customer support.

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 the retention of recordings
  • Screen recording to capture all activity
  • Speech Analytics to boost call retrieval
  • Transcription to save time
  • Secure Mobile Phone Recording

Simple to use and easy to implement for hosted, hybrid or on site PBX phone systems.

Call 0203 4881498 for a FREE Compliance Health Check

To find out how the Apresa call recording solution helps you comply with the FCA, and MiFID regulations 

Further information on MiFID II and FCA regulations can be found here:

2023 FCA Consumer Duty https://www.fca.org.uk/news/press-releases/fca-consumer-duty-major-shift-financial-services

2021 WhatsApp-FCA Market Watch 66 https://www.fca.org.uk/publications/newsletters/market-watch-66

2016 Advisers to record telephone calls under FCA Mifid rules https://www.moneymarketing.co.uk/fca-asks-advisers-record-telephone-calls

2016 Regulation of markets in financial instruments www.fca.org.uk/markets/mifid-ii

2016 MiFID II – Application and notification user guide www.fca.org.uk/publication/documents/mifid-ii-application-notification-guide.pdf

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