MiFID II: smart guide to mobile call recording
The upcoming Markets in Financial Instruments Directive II (MiFID II) aims to provide stronger investor protection and transparency for clients. The implications of the Directive and the new Regulation (MiFIR) are wide ranging and will impact a large number of financial services firms across the UK.
One of the introductions of MiFID II is the requirement for investment firms to record telephone conversations and electronic communications relating to own account and clients’ transactions. This includes telephone conversations that are intended to result in the conclusion of a transaction.
While the requirement to record mobile conversations is a new obligation for financial advisors and insurance brokers, mobile call recording is not new technology. As a result, there are a plethora of solutions available. While MiFID II regulations will come into effect in January 2017, establishing a call recording system can be complex and require careful consideration. To help you find the right solution, we will show you the benefits and limitations of each approach.