There’s quite a pithy saying which goes: “Words are free. It’s how you use them that may cost you.” Words can certainly incriminate a person – if they’re used to persuade, cajole and misrepresent a situation. For this reason, a section of MiFID II (The Markets in Financial Instruments Directive), now stipulates that any firm which provides financial services to clients linked to ‘financial instruments’ will have to record and store all communications that intend to lead to a transaction.

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