Mobile Telephone Call Recording

How mobile phone recording helps protect FCA-regulated firms and their customers

In the financial sector, recording telephone calls, including mobile phone calls, helps protect against market abuse, aggressive sales tactics, and insider trading and helps resolve complaints, resulting in a more stable and transparent industry.

Our eSIM-based mobile recording solution is ideal as it fits all phone types and operating systems and can be integrated with traditional IP, 3CX, or Microsoft Teams deployments, making it the perfect one-stop recording solution.

Alternatively, we can record via cloud VoIP systems and recorded Microsoft Teams in Azure deployments which, unlike traditional eSIM and network-based mobile recording solutions, do not rely on network availability when users are roaming abroad.

Call 0203 4881498 for a free consultation or enquire here

Vidicode Apresa mobile phone call recording via eSIM 

Recording mobile calls via eSIM is ideal for firms that want to avoid high set-up costs, where employees use company phones for business purposes only and usually do not travel outside the UK/Europe.

Features:

• Uses your phone’s native dialler
• Automatic recording of all calls made and received
• No requirement to change the existing mobile phone number
• Uses the Vidicode UK Mobile eSIM* with competitive call rates
• Avoids downloading and installing Applications (Apps) of unknown origin
• Lower set-up charges than other network-based mobile recording options
• Captures both SMS and voice calls

*A change of mobile network is required

Vidicode Apresa Cloud/UC-based call recording

Since 2020 the work location of your employees may have changed due to the rapid growth in home and hybrid working. Calls once recorded automatically via the office phone system telephone lines into an on-premises system, may no longer be captured.

Hosted phone systems and UC (Unified Communications) offer a versatile and cost-effective solution for companies to enable their employees to use any device from anywhere to collaborate with colleagues and work with customers.

A cloud-based call recorder enables workers to use their existing desktop IP phone numbers to make and receive calls via a UC app on their mobile or laptop and work compliantly from any location.

There are limitations, though, as a VoIP solution using fixed-line networks is unsuitable for SMS capture. When calling from a mobile phone, employees must use the UC app to record calls.

This option is ideal for firms who require a robust, flexible, and easily scalable way to comply with FCA or other regulations when employees work remotely…as long as users do not require SMS messaging to be recorded.

Why we don’t recommend mobile call-recording apps

They might be cheap and even free but using an app may not provide the level of security required for compliance and will use vast amounts of storage space on your phone! There are other drawbacks, including:

• Apps can be of dubious origin and, therefore, not secure
• An app may not automatically back up essential recordings
• Security and encryption costs are extra if such features are available
• Apps often include advertisements
• No automatic backups to secure locations

What are the essential features of a compliant call recording system?

• Secure, password protected, encryption, multi-factor authentication and SHA2 fingerprinting
• Easy search and retrieval using several criteria (optional word spotting & transcription)
• Full audit trails
• Accessible storage for as long as you are a customer
• Alerts to show if you have surpassed normal patterns/costs

Why call recording matters in the financial sector…a brief history?

Many of our customers work in the Financial Services sector. As their work becomes more remote or hybrid, we understand the need for secure and flexible ways to record their business conversations to remain compliant with the 2011 FSA Policy, MiFID II (2018), CMC (2019) and many other UK regulatory bodies, including FINRA and internationally with CFTC, SEC and Dodd-Frank.

The Financial Conduct Authority (FCA) regulations MiFID I and MiFID II require those dealing in stocks, shares and derivatives and our customers like DF Markets to record their calls. IFA’s (Independent Financial Advisors) are regulated to record all their transactions, including those taken by phone.

Whilst there may be exceptions for IFA’s, the fact that they need to keep comprehensive notes for five to seven years suggests that recording their calls is a less time-consuming option. In 2019 regulation extended to Claims Management Companies to record sales calls even if they don’t enter into a contract with the customer and keep a record of those recordings for at least 12 months.

Compliance with FCA regulations and the requirements for best practice by the Law Society, the Financial Ombudsman and the Medical Protection Society results in many firms, including our customers in motor car dealerships and health insurance firms, being required to record their calls.

Does call recording affect data protection?

FCA rules have the status of ‘legal obligations’ under GDPR therefore the ICO (Information Commissioner’s Office) consider that call recording is consistent with the GDPR requirements.

Links to important FCA information 

FCA Fines for Noncompliance

FINRA Guidance for the financial sector

Claims Management Companies FCA Regulation

FCA Recording Phone Conversations

FCA bans cold calls for funeral plans