Warning: regulation ahead!
Comms Business Magazine (CBM): So how did the telecoms industry get so complicated?
James Foley (JF): The telecom industry has undergone countless transformations over the past 30 years. Pay phones, collect calling services, pre-paid calling cards are now quaint throwbacks from the past.
Now it’s all about VoIP and over-the-top services, like WhatsApp and Google Hangouts. Voice is being monetised as yet another data packet companies tag onto their high-speed channels, as opposed to a channel in its own right.
The rate of change makes the task of overseeing a company’s telecommunications requirements quite complicated – particularly if the company in question is a financial services firm. Why is this? Because on 3rd January 2018 MiFID II (The Markets in Financial Instruments Directive) will officially land, to significant fanfare.
MiFID II is a regulatory beast and will demand a considerable overhaul of the financial services industry. Anyone who provides services linked to financial instruments will need to take note. In readiness, most Independent Financial Advisers (IFA) owners are in the throes of conducting a root and branch review of how they run their businesses…