• Call Recording Software for FCA Compliance

FCA Compliant Call RecordingCompliant Software for Call Recording

Financial Regulation is about to change the rules around Call Recording

Considerations When Using Call Recording Software

FCA rules require regulated businesses to ensure that all relevant telephone conversations are recorded in their entirety (whole conversation) and then stored in an encrypted format with secure (password protected) access to the recordings. Currently the minimum continuous availability (storage) time is 6 months from the date of recording. The minimum storage time required under the forthcoming MiFID II Directive (see MiFID II section below) is 5 years.

Other considerations apply to organisations who require FCA regulation but are also taking credit or debit card payments over the telephone. They are required to, on one hand, record the complete conversation for FCA but also exclude sensitive data from the recording for PCI DSS compliance.

In all cases there is also an obligation under Data Protection regulations to ensure that call recordings containing personal information are only accessible by authorised personnel and cannot be easily copied and shared with non-authorised persons. This generally requires an Audit Trail of recording access and playback to be maintained and available for inspection.

MiFID II Directive and Call Recording

We do not seek to comment on the requirements of businesses to meet FCA regulations or how MiFID II will generally effect FCA regulation. The information provided is designed to provide insight into the Call Recording and how systems can be employed to meet FCA regulatory requirements.

The MiFID II directive is due to be published at the end of 2017 and will have some significant effects on the Call Recording requirements of FCA regulated businesses. The key areas of change over existing regulations can be summarised as:

  • Recordings must be available for a minimum of 5 years
  • All relevant conversations should be recorded including those made on Mobile phones

Ensuring Recordings are available for 5 years minimum

For some FCA regulated businesses this requirement will have no significant affect as have already opted to install systems that allow them to retain recordings for up to 7 years. Others will be reviewing their call recording options.

Organisations that use Shared Cloud PBX telephony or on premise VoIP PBX’s, with integral recording, may need to install a dedicated recorder or Secure their Call Recordings in an Archiving solution that can operate with their PBX or Cloud service

Smartcall Voice-Net recorders are fully FCA compliant. In addition we provide interface modules designed to work with integrated PBX and Cloud telephony call recording systems to provide economic FCA compliant archiving.

For advice on how your business can achieve FCA Compliant Call Recording

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2016-03-21T15:54:28+00:00
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