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 smaller firm, these costs can be crippling for you. These costs can also be troubling for larger firms because of the number of employee calls with prospects and clients. Since customer calls are supposed to be stored and managed securely for five years, companies are usually faced with a huge data repository that needs a secure as well as substantial storage system.

You need to keep in mind that the implications of MiFID mobile phone recording compliance extend beyond just cost. They also affect storage, security, retrieval of data as well as implementation. All recorded conversations are supposed to be stored for five years. If traditional storage solutions are used, then storing such vast amount of data can be quite challenging.

Under MiFID II, authorities are able to request the retrieval of calls upon request. It is imperative that you implement a smart search service that will make retrieval of the recorded data spanning up to five years easier. Legacy call recordings need lengthy hardware installation which can generally be very costly. These installations also require expert personnel, software licenses as well as expensive hardware.

For more information on MiFID mobile phone recording, visit our website at https://www.telemessage.com/

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