MiFID II launch makes mobile call recording mandatory
Approved in 2014, the new MiFID II regulations will shortly come into effect
The result of a lengthy seven year process, as of January 3rd 2018, the MiFID II regulations will finally come into force.
The changes, designed at their core to protect investors, affect thousands of financial service providers. Only smaller Independent Financial Advisers (IFAs) who do not offer the full spectrum of MiFID services, and hence do not fit the definition of "investment firm", are exempt from MiFID II.
Such firms still need to be mindful of the new regulations however, as they are required to meet analogous rules applied by the FCA. One area where these rules differ is with regards to the new call recording requirements, which are considerably more stringent than those which previously applied.
Mobile Call Recording Exempt Firms
Discretionary Fund Managers (DFMs) and MiFID firms which are exempt from Capital Adequacy Directive (CAD), but have opted into MiFID, need to comply with the mobile call recording requirements outlined in MiFID II.
Some other smaller financial firms are exempt from the mobile call recording part of the new regulations. Specifically, the FCA ruled in April that those who are article 3 MiFID exempt can choose to keep written records of their communications rather than full audio recordings.
The ruling was made to free these firms from the significant technical task of complying, which many do not have the infrastructure to fulfil. For exempt firms who wish to protect themselves for the future and provide the maximum level of protection to their clients, Truphone's mobile call recording service is the ideal solution.
Mobile Call Recording with Truphone
Organisations for whom compliance with MiFID II is now mandatory should already have taken steps to ensure that their systems and processes are up to date, though the most basic implementations of the new regulations have significant drawbacks.
By comparison to these methods, the fully compliant mobile call recording service from Truphone provides a completely seamless solution. Clients will not be subjected to any delays or a decline in audio quality, and employees can continue to use phone features like call waiting, conference calling and voicemail without needing to take any extra steps.
Crucially, our service works across the world.