MiFID II to change how London’s financial services businesses record conversations
While there are many good reasons to record a business call, like training, compliance or quality control, many companies are unclear about what they can and cannot do under the current rules. This already exposes them to potentially disastrous consequences. Things look set to change with the advent of MiFID II, however.
There are big changes scheduled in the near future on the regulation of financial instruments, so it could well be time for financial services businesses to think again about the policies they have in place. The revised Markets in Financial Instruments Directive (MiFID II) comes into force next January and it will have a big impact on call recording policies. There is also the prospect of a big hike in fines for data misuse under forthcoming data protection regulation.
Current legislation isn’t straightforward, and business call recording needs to comply with a number of regulations. In particular, it must comply with the Data Protection Act 1998 (DPA) – because call recording usually results in the acquisition of someone’s personal data – and the Regulation of Investigatory Powers Act 2000 (RIPA)...