Call Recording And Compliance: New legislation will require better records to be kept

We want to ensure that our customers remain compliant when it comes to call recording and record keeping. So, what’s coming up, and how can we help?

While the Federation of Communication Services has advised those operating within the financial industry to record their calls and communication for sometime, new legislation is being introduced by the Markets in Financial Instruments Directive, or MiFID, in 2018 will mean such regulatory requirements are significantly extended. From January 2018 those involved in the advice chain for a particular trade, such as the independent financial sector, will be required to record calls and retain those communications for five years. There’s a good chance your company has already thought about the ways in which it can remain compliant or if you’re an independent trader, you’ve begun to research the options. It’s a daunting step to make without any preparation at all, so allow us to help.

Resolving the issues of Call Recording

In the past recording mobile phone calls and having central office access to those files has been incredibly difficult; mobile recording often required specialist software, or the undertaking of specific processes, in order to be effective. This led to a number of instances of non-compliance, as companies didn’t have the resources or know-how to implement such practices. In addition, recording mobile phone calls was often seen as being too complicated, or unachievable, while the process of retrieving that call data was often just as difficult; it just didn’t work in the real business world. These days, however, technological advancements make mobile call recording far easier, and the retrieval of data instantaneous.

Here at Voxcloud we want to make your experiences with mobile technology, and communication as a whole, easy and convenient. Our SIM, which can be installed into any compatible mobile device, behaves just like a normal phone; make calls, receive calls, operate voicemail, and use SMS and email just as you would normally.

This SIM has one very big difference – it’s simply impossible to dodge recording calls as they are logged automatically. While this is fantastic in terms of compliance, and for managers tracking their employees’ work activities, the SIM is also the ideal solution for users, as it’s just as easy to use as the phone you’ve become accustomed to. What’s more, the calls that have been recorded are easily retrievable and can be stored on a central office computer for the required amount of time. When it comes to business you have so much to think about already, so allow us to take the stress of compliance and call recording away.

Please ensure you familiarise yourself with the upcoming legislation, and prepare yourself for the changes heading your way. Our hosted cloud phone system and mobile SIMs are a simple and effective way to make sure you’re complying with FCA guidelines, as well as creating further avenues for your business when it comes to call recording and record keeping. We will make communication for your business our priority, and look forward to hearing from you soon.