MiFID 2 compliance on hosted phone system with call recording making storing your recorded calls for 7 years regulated

Compliant Call Recording Storage Platform

Converged Fixed Line & Mobile

Easy To Use Dynamic Interface


Seamless integration

Business Continuity Solution

Fast & Complete Communications System


MiFID II Compliance

From 3rd January 2018, call recording regulations will apply to any organisation providing financial services to clients linked to ‘financial instruments,’ such as Wealth Managers and Independent Financial Advisors. The new legislation states that organisations will be required to securely store recordings for a minimum of 5 years.

Any business that is giving advice that may lead to a trade or an investment will need to comply with this ruling. This applies to mobile as well as fixed line calls. Recordings must be stored in a way that makes them accessible and readily available to the FCA on request. Additionally, organisations are required to ensure the quality, accuracy and completeness of records.

Our cloud based, MiFID II call recording solution is the answer for any size business. Get in touch today to find out more about how MiFID II is going to impact your organisation and how we can help you comply with these new regulations.

Read more from the FCA

What Needs Recording?

Under today's MiFID regulations the FCA mandates that fixed line and mobile calls must be recorded.

Under the new MiFID II regulations the new requirements stipulate that all conversations 'that are intended to lead to a transaction' must be recorded, broadened from the previous mandate of 'client orders and transactions'.

MiFID II also includes other communications such as mail, fax, email or audio recording of client orders placed during face-to-face meetings that are intended to result in a trade.

Storing Voice Recordings

Under today's MiFID II regulations with the current rules, recordings must be kept for at least six months. Under the new MiFID II regulations, recordings must be stored for a minimum of five years from the date the record is created, and if requested by the competent authority for up to seven years.

All records must be kept in a 'durable medium' so that they can be effectively monitored for compliance, and in a way that allows them to be replayed or copied and ensures the original record cannot be deleted or altered. Recordings must be stored in a way that makes them accessible and readily available to the FCA on request. Additionally organisations are required to ensure the quality, accuracy and completeness of records.

Monitoring Call Recordings

Under current MiFID regulations simply recording conversations is sufficient to be compliant, however under the new MiFID regulations organisations will need to review their records on a period basis. The monitoring is specified as 'risk-based and proportionate'.

Organisations will also need to prove that the appropriate policies, procedures and management of recording rules are in place and that management have clear oversight of these.

Organisations must then periodically re-evaluate the effectiveness of their recording procedures and adopt alternative or additional measures if necessary. Where they aren't able to comply with recording policies, they need to investigate why the records were not able to be retained. Records of these investigations must also be kept for the same amount of time as the original record's retention period.

Ethernet Access

Use our Ethernet checker, providing instant pricing for speeds up to 1GB with Disaster Recovery failover options, to your offices in less than 60 seconds.

Live Quote
Inbound Numbers

Choose a non-geographic 08 or 03 number from our extensive selection of numbers. Hosted on our Inbound platform changing call plans and access to live reports are standard.

Choose Number
AuditWise

Quality assessment using Excel can be time consuming, unreliable and counterproductive. Use AuditWise to deliver measurable results into your Contact Centre.

Book Now
SIP Trunks

Competitively priced inclusive UK landline and mobile minutes are provided with all our SIP services. Utilising the largest UK SIP networks our platform is inherently resilient.

Read More
Hosted Phones

A seamless cloud based plug and play hosted phone system. Ideal for SoHo to Enterprise, Horizon offers a feature rich low cost alternative to a traditional phone system.

Book Demo
Telecoms Audit

Did you know over 54% of UK businesses are charged for services they no longer require? Take advantage of our no-obligation audit where we’ll highlight obsolete services and reduce costs.

Arrange Meeting