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;
The scope of MiFID I was increased in 2014 with the introduction of MiFID II and now covers;
MiFID II addresses the following markets;
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:
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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