MiFID II will become law in January 2018, and that means that financial service providers will need to change the way that they think about call compliance. All companies in the financial service industry will be expected to retain, capture, and maintain communications between sellers, buyers, and even investment intermediaries.
Compliance with MiFID II will mean having to upgrade the range of record keeping software in use to manage a new range of client communication. Additionally, there will be an increase in the penalties that are levied against people who fail to meet up with their obligations.
What Does MiFID II Mean for You?
Despite its obvious importance, many organisations throughout the UK aren’t sure what MiFID will mean for them. However, as time in 2017 runs out, it’s now crucial that companies begin to research the solutions that they’ll need to use to keep communications compliant. So, what are some of the main things you’ll need to know, and what can companies offer when it comes to ensuring that all your communications are compliant with the MiFID II directive.
- You’ll need to capture and store all communications at the highest quality: The right call recording software will help you to connect to a range of business communications systems, meaning that you can capture data more efficiently on single-server platforms
- You’ll have to maintain recordings for at least 5 years: As well as providing storage solutions that are completely compliant with the MiFID II guidelines, you’ll also need to make sure that you store your information securely for at least five years. Some services provide alerts for possible missing recordings
- You’ll need to accurately and quickly reconstruct conversations: Using search and replay functions, along with features for call authentication and event reconstruction, restructuring conversations can become much easier
- Offering accurate information to regulators is essential: Once capture has taken place for a conversation, you’ll need to make sure that your communications are confirmed and ready for reporting
- Remember to evaluate recording processes: Finally, you’ll need to be sure that you have access to a high-quality managed service that strengthens your compliance in the industry throughout recording stages
Getting the Right Recording Software
Accessing the right recording solution, as offered by many Call Recording vendors, means that you’ll get access to a range of solutions that ensure you’re fully prepared for the MiFID II implementation. The services work from front to back office, and include global support across a range of coverage tiers, which come with hardware maintenance, helpdesk access, quality checks, and insight monitoring.
These same suppliers can offer a range of bespoke solutions to their customers, alongside dedicated teams that commit their time to delivering in-depth implementation and testing across a broad scope of telephony systems.
If you’re reading this then you should think about contacting one today…
