MIFID Call Recording Adjustments
With the passage of the EU’s Market in Financial Instruments Directive second round of rules, new challenges have come. The changes in MiFID phone recording regulations are vast and affect requirements of all UK banks and financial organizations regarding messaging compliance.
Recordkeeping is crucial in MiFID II, and it has led to asset and investment managers along with insurers having to comply with new obligations. Call recording has become critical for companies to comply with regulatory requirements and to review customer interaction.
The development of the call recording market will continue as companies seek not only to comply with regulations but also to use their data to improve services. Businesses must consider the following to better comply with MiFID II’s call recording requirements.
- Migrating to Cloud– Cloud-based services are quicker to set up and easier to use
- Looking for Comprehensive Call Recording Solutions– Implementation of the MiFID’s new regulations has led to a higher demand for call monitoring and secure messaging solutions.
- COVID-19 Motivated Relaxed Call-Recording Regulations– COVID-19 has forced businesses to let their employees work from home since they may not be able to comply with the minimal requirements.
MiFID II has become more relaxed for companies that cannot record and monitor calls, but vendors should still find new and creative ways to help their clients comply nonetheless. Call recording is essential not only to comply with the regulatory standards but also to preserve communications data for trial and legal matters.
For more information on this topic, check out this infographic by Telemessage.