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Compliance

MIFID II comes into force in January 2018. One requirement will be for advisers to record all conversations with clients.

The FCA has already ruled out requiring face to face conversations to be recorded but is still considering whether to make IFAs record telephone conversations and electronic communications with clients.

A Financial Conduct Authority (FCA) commissioned survey has shown that only 10% of advisers currently record telephone conversations and electronic communications in line with the proposed EU rules.

Don’t forget to check Our View about this article and the Actions Required By You

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Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Although it is not clear yet which conversations will need to be recorded, any requirements will come into force in January 2018. This might seem far enough away not to warrant any immediate action but the systems needed to be able to record and store client conversations can be costly and can take a fair time to implement. 

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About the Author

Alistair MacDougall

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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