How to Capitalise on MiFID II’s Call Recording Rules


One of the most disruptive proposals to emerge from MiFID II has been the expansion of telephone call recording requirements to advisory firms. Andy Sutherland, Managing Director of Advisory Services at TCC, explains how advisors could benefit from these changes in the long-run if the right approach is taken.

The deadline for the implementation of MiFID II, which will see an extension of the FCA’s taping policy to all advisory firms in order to comply with new European rules, is now just over a year away. However, primarily due to the initial costs involved in implementing the necessary technology, the industry has been slow to prepare for this aspect of the legislation. This is particularly true for smaller firms for which the financial burden will undoubtedly be higher, although the regulator has confirmed that it is open to considering an alternative approach in these cases.

One key driver behind this proposal is the ability for the Financial Ombudsman Service to increase efficiency when investigating complaints. However, the aims of the legislation go beyond simply recording and storing conversations. It presents an opportunity to harness the power of data and turn it into competitive advantage, by effectively analysing data to inform market and customer intelligence, allowing you greater insight into your customer base. The data that is collected can also be used to assess process efficiency and effectiveness, make any necessary changes and increase the transparency of your business practices, which in turn can help to drive customer loyalty.

Under MiFID II rules, firms will be required to retain recordings for five years. The FCA proposes to increase the range of activities covered by the directive, including removing the current qualified exemption for discretionary investment managers, corporate finance business, energy or oil market activity, and the activities of collective portfolio managers.

For help in learning how you can transform data into intelligence, and use it effectively for competitive advantage, download RecordSure’s recent white paper ‘Turning the MiFID II Challenge into Competitive Advantage’.

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