With the implementation of the MiFID II second round of regulations, come new challenges and obligations for businesses. These changes in MiFID phone recording regulations are vast and affect all UK banks and financial organizations.
Systematic Internalisers have seen their businesses improve now that pool trading volumes have been stopped and nontransparent broker crossing networks banned. Arrangements between investment and research firms have also been reevaluated, and recordkeeping requirements have been updated to require programs that can efficiently archive and store detailed records.
Recordkeeping is essential to MiFID II. It has led to asset managers, investment managers, and insurers having to follow a new set of rules and obligations.Call recording has become vital for organizations to comply with regulatory requirements and to review customer interaction.
As the years go by, the call recording market’s development will continue as companies seek to not only comply with the rules but also to use their data for improving their services. Businesses must consider migrating to cloud to better comply with MiFID II’s call recording requirements. The improvement of technology has made it possible to use cloud-based technology to record calls. These cloud-based services are more efficient and user-friendly.
Businesses must also be looking for comprehensive call recording solutions. MiFID’s new regulations require businesses to record certain types of calls. Lastly, companies need to know about the COVID-19 motivated relaxed call-recording regulations. The virus outbreak has forced companies to allow the members of their staff to work from home, and it may be more difficult than usual to follow MiFID II’s minimal requirements.
For more information, check out this infographic by Telemessage.