Where telecoms systems are concerned,

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The new EU The Markets in Financial Instruments Directive (MIFID II) which comes into force this year is aimed at improving the functioning of financial markets. As part of this overarching objective, it requires firms offering financial services and advice to record communications – including telephone calls, emails and face-to-face meetings – which relate to financial transactions. These must include details and terms of any orders that are placed. Recordings will need to be kept for five years – seven in some cases – or for the length of the relationship with the client, and the recordings may be used in order to detect any market abuse.

Crucially, MiFID II mexico telegram covers some firms, notably insurance brokers and commodity trading firms, which did not fall under the scope of the original 2007 MiFID legislation. This means that a whole new tranche of businesses will now need to comply with the rules, including independent financial advisers and mortgage brokers.

this places some new demands on the technology. So what do you need to do and what options are available?

Traditional phone systems
With conventional landline phone systems, you have the option of adding recording apparatus on site. This will usually record calls to a hard disk, so you need to make sure you have sufficient storage capacity to cope with the volume of calls that you are required to archive. Some providers now offer the ability to record landline calls and save them to the cloud, this technology also makes it possible to record from individual phones.

If you have a session initiation protocol (SIP) phone system, again on-site recording options are available, although these can be expensive and, once again, you have the problem of storage volumes and archiving. There are cloud recording options available that remove the need for hardware, however it’s important to check that these are compliant with the FCA rules.

Mobile calls
Many financial advisers spend a lot of time out of the office, so dealing with the issue of mobile calls is a particular problem. You could ban mobile use, but that’s a draconian measure which reduces flexibility and productivity.

A recording client can be installed on mobile devices without needing to change the hardware. This, however, only captures voice calls and the regulations require text messages to be captured too. The solution could be to switch to the use of recording SIMS, which are able to record both voice and SMS traffic as required. There is a cost involved in this and it may mean hat you have to switch your mobile contract.