Markets in Financial Instruments Directive 2 is a follow up to the original 2004 EU regulations and brings a new set of rules into play for the financial services industry from 3rd January 2018. Unlike previous regulations, there is no phase in period and no deadline extensions, businesses must be compliant from the start date. It is considered to be the largest and most significant regulatory initiative in the EU since 2008. These new rules will benefit business and best practice among teams in the long run, but the clock is ticking to make it happen. Compliance will require investment of time and money as well as in your people.
One of the new regulations being introduced which in some cases was already compulsory is Call Recording. This now applies to all calls in all areas of financial advice. They must now be recorded and stored for between five and seven years.
Many businesses are taking this opportunity to review communications infrastructure and in many cases make updates. Call Recording packages can be an expensive add on to a phone system which is why many decision makers are moving towards a phone system which has built in call recording capabilities.
If you wish to discuss what options are suitable and best for your business, contact our business team for a no obligation discussion of how you can implement a compliant and cost effective call recording system and ensure that if you are making an investment, it’s on a system that has longevity. We are more than happy to advise as there are many people investing big money on features like call recording for legacy systems which are outdated and will need to be upgraded in the very near future. Fill out our contact form here or call 01 2541800 to talk to us.