Things To Know About MiFID Mobile Phone Recording
If you own a company that provides or advises on financial instrument and services in the European Union, MiFID mobile phone recording compliance is something that you need to take very seriously. The MIFID extension requires anyone that provides financial advice that may result to a trade to make sure that their calls are recorded. For the first time, call recording regulations cut across the board – they apply to wealth managers as well as independent financial advisors. The new MiFID mobile phone recording legislation also states that organizations must store recorded conversations for five years in a secure environment. The organizations are also supposed to implement a system for reviewing and monitoring all conversations between clients and employees. It is estimated that using legacy call recordings adds approximately £1,000 to £1,200 to an average phone bill annually – this is without the upfront costs like installation of on-premise equipment. If you own a smalle