The beginning of 2018 brought with it new rules from FCA regarding call recording by financial advisers known as the Markets in Financial Instruments Directive II (MiFID II) policy. It has affected the way that telephone conversations are dealt with in the industry with updated regulations. The call recording solutions from Smartcall are all fully compliant with current FCA and MiFID II rules.
Software for Financial Advisers
Recorded calls in the financial adviser sector are now required to be stored for a minimum of five years in an encrypted, password protected format. Smartcall’s fully complaint recording software ensures conversations are stored with 256bit encryption and are tamper-proof, meaning that your business is in keeping with MiFID II policy.
The Voice-Net Archiver archives recordings to a storage location of your choice. The web-based search and replay allows management to search for calls using their own criteria. An Audit trail is also included to show which users have listened to which recordings.
When taking over-the-phone payments, some of the information given by the customer in regard to their card details is classed as sensitive, and by law these details should be omitted from any recordings. Smartcall Voice-Net meets PCI DSS regulations by muting the call where sensitive information is provided and replacing it with a ‘tick tone’ instead.
Call recording in the financial sector is often a regulatory necessity, however having call recording can also be a very powerful training tool. Identifying potential areas of improvement can lead to more targeted training and improved employee skills.
Contact Smartcall for more information
If you are a financial adviser get in touch with Smartcall today and our expert team will answer any questions or queries you have. Make sure that you are equipped with fully FCA and MiFID II complaint technology and call us on (+44) 1753 837703 or contact us online.