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MiFID II Compliance
From 3rd January 2018, call recording regulations will apply to any organisation providing financial services to clients linked to ‘financial instruments,’ such as Wealth Managers and Independent Financial Advisors. The new legislation states that organisations will be required to securely store recordings for a minimum of 5 years.
Any business that is giving advice that may lead to a trade or an investment will need to comply with this ruling. This applies to mobile as well as fixed line calls. Recordings must be stored in a way that makes them accessible and readily available to the FCA on request. Additionally, organisations are required to ensure the quality, accuracy and completeness of records.
Our cloud based, MiFID II call recording solution is the answer for any size business. Get in touch today to find out more about how MiFID II is going to impact your organisation and how we can help you comply with these new regulations.
What Needs Recording?
Under today's MiFID regulations the FCA mandates that fixed line and mobile calls must be recorded.
Under the new MiFID II regulations the new requirements stipulate that all conversations 'that are intended to lead to a transaction' must be recorded, broadened from the previous mandate of 'client orders and transactions'.
MiFID II also includes other communications such as mail, fax, email or audio recording of client orders placed during face-to-face meetings that are intended to result in a trade.
Storing Voice Recordings
Under today's MiFID II regulations with the current rules, recordings must be kept for at least six months. Under the new MiFID II regulations, recordings must be stored for a minimum of five years from the date the record is created, and if requested by the competent authority for up to seven years.
All records must be kept in a 'durable medium' so that they can be effectively monitored for compliance, and in a way that allows them to be replayed or copied and ensures the original record cannot be deleted or altered. Recordings must be stored in a way that makes them accessible and readily available to the FCA on request. Additionally organisations are required to ensure the quality, accuracy and completeness of records.
Monitoring Call Recordings
Under current MiFID regulations simply recording conversations is sufficient to be compliant, however under the new MiFID regulations organisations will need to review their records on a period basis. The monitoring is specified as 'risk-based and proportionate'.
Organisations will also need to prove that the appropriate policies, procedures and management of recording rules are in place and that management have clear oversight of these.
Organisations must then periodically re-evaluate the effectiveness of their recording procedures and adopt alternative or additional measures if necessary. Where they aren't able to comply with recording policies, they need to investigate why the records were not able to be retained. Records of these investigations must also be kept for the same amount of time as the original record's retention period.