Compliant 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.
If you want to learn more about Smartcall’s compliant call recording software, leave us a message online.
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.
