Since November 2011, financial services and traders have been required by law to record all phone conversations with customers, in order to combat fraud which has shifted over to phonecalls since the introduction of chip and pin has prevented a lot of credit card fraud from taking place.
Who should Follow FSA Regulations?
According to the FSA’s conduct of business sourcebook, call recording laws apply to any financial firm that: receives or executes client orders, takes payment, or carries out any transaction over the phone. This includes mortgage and insurance brokers, stocks and shares, equity, bonds and any type of financial commodity being traded.
Avoid Hefty Fines with FSA Telephone Recording
The FSA regulations should certainly be taken seriously if you are a company that works in the financial sector. Failure to adhere to FSA guidelines can result in a fine being imposed of anything up to £950,000, as in the case against a large insurance provider back in 2003, where the lack of call recording was a significant contributory factor in the fine being imposed. The best way to avoid penalties such as this is to have a fully compliant call recording solution in place that records all phone calls to your business and stores them for at least 6 months.
All recordings by SMARTCALL FCA telephone recording software is stored within a tamper proof system and 256 bit encrypted. What’s more, an administrator can set initial access capabilities to employees and anyone accessing the recordings will have this recorded for auditing purposes.
We understand that the most effective tools for business are often the most simple. Implementing complicated new systems within an organisation can cause disruption and can mean that staff will need time out from their responsibilities to attend training to help them understand and be capable of using the new systems effectively. All FCA telephone recording software from SMARTCALL uses the OneView interface. This easy to use interface is straightforward and designed with the user in mind.
Further Business Advantages to FSA Call Recording
As well as keeping your business compliant with FSA regulations, call recording offers a range of other benefits. These include improved conflict resolution where there has been a complaint issue and enhanced performance management and monitoring. With all calls recorded and logged you can build up an archive of customer transactions that is easy to access and can be used to effectively manage incoming data and analyse calls in terms of staff performance. Furthermore, you can streamline processes and improve the organisation of your business with calls grouped according to type (eg sale, enquiry, call-back etc).
Contact Smartcall
See how Smartcall can ensure your business is fully compliant with FSA regulations and read more about FCA compliant call recording.
You can also browse the different services we offer like PCI compliant call recording.
Alternatively, you can contact our professional team of expert advisors on 01753 837 714 who will be happy to answer any questions you may have.