At OPAL we’ve developed a solution applicable to firms of any size as part of the Pandora product. The intention of the solution was to meet the need of firms who want to use the data from calls made in the field for training and development as well as to protect customers and ensure continuity of service. - By Eoin Lyons
The FCA has proposed applying a call recording regime to all Article 3 firms - including financial advice firms - according to the consultation (CP16/29) released last week on Markets in Financial Instruments Directive (MiFID) II implementation. The FCA completes consultation on this topic with stakeholders in early January 2017 and the MiFID II legislation comes into effect on 3rd January 2018.
Call recording on fixed telephony, including voice over internet “VoIP”, is very well developed. Even small firms can implement a cost effective call recording solution on their landlines. The challenge is the increasing reliance of business on mobile devices and how to adhere to your obligations for advice delivered to a customer in the field. I don’t think I’ve ever spoken to my financial adviser on anything but his mobile!
I’m aware of some firms routing mobile calls through their exchange to have calls recorded with their fixed traffic. This will work but is expensive. Some of the global mobile network operators offer solutions but they will only work if all customer calls are made on company phones deployed under the business programme. For smaller firms, as I know from experience, this isn’t always the case.
At OPAL we’ve developed a solution applicable to firms of any size as part of the Pandora product. The intention of the solution was to meet the need of firms who want to use the data from calls made in the field for training and development as well as to protect customers and ensure continuity of service. The FCA has been talking about a recording regime for a number of years but we didn’t predict is that it would become a regulatory requirement for our clients in the next 18 months.
https://www.linkedin.com/pulse/call-recording-mobile-devices-financial-advice-firms-eoin-lyons/