Financial Services Call Recording Requirement

Call Recording for Financial Services Providers Ireland

Financial Services Call Recording Legal Requirement

 

The Markets in Financial Instruments Directive II (MiFID II) is an EU Regulation that has taken effect since the 3rd of January, 2018 aimed at Financial Service businesses.

Many firms who provide financial services to clients will now be legally required to record all their telephone conversations according to the Financial Conduct Authority (FCA) under MiFID II requirements.

This change will affect firms including investment managers, stock brokers, corporate finance firms and independent financial advisers.

A consultation paper released by the FCA in September 2016 said, “Based on information from the Financial Ombudsman Service, the majority of complaints about investments centres are on the conversations that happened when they are sold. We think taping conversations between firms and their clients is likely to be an effective way of advancing our consumer protection objective”.

The recordings must be held for at least 5 years.

Hosted telephony, or an Avita Phone System with Call Recording is the perfect solution to the new directive for businesses.

To talk to us about our solutions, please call one of our specialists on 1890 511 411 or click the button below.