Call Recording for FCA compliance

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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 IFA’s (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 are required to record telephone conversations and electronic communications that relate 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

Mobile recording (SIM-based mobile recording coming Q2 2023)

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.fsa.gov.uk/pubs/policy/ps08_01.pdf

www.fca.org.uk/markets/mifid-ii

www.fca.org.uk/publication/documents/mifid-ii-application-notification-guide.pdf

https://www.fca.org.uk/freedom-information/information-fines-lack-voice-recording-compliance-march-2022

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