Menu
Are you ready for the recording rules?

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

Are you ready for the recording rules?

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. 

Action Required By You

Note and monitor.

SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

Identify, Assess & Manage

Compliance

Before you read on, what do you think the title refers to? The answer is Business Risks. The FCA has been highlighting this issue in workshops. They expect firms to ‘Identify, Assess & Manage’ risks and to be able to provide documentary proof that they are so doing. They expect firms to have at least […]

Read More
Dark_wall_just_ateb_signage

ATEB RDR Supervisor’s Course

Compliance , ,

For IFAs and Mortgage Brokers FCA rules and guidance state that: “Firms should ensure that those supervising employees ……. have the necessary coaching and assessment skills ….. to act as a competent supervisor and assessor.” To address this need, ATEB has updated its supervisor’s course in line with changes introduced at RDR. We have scheduled […]

Read More
Dark_wall_just_ateb_signage

Mortgage Market Review Preparation

Compliance , ,

The Mortgage Market Review (MMR) rules come into force exactly one year from today.

Those of you who attended the FSA Roadshows, or have read the articles on the FSA/FCA website, will be aware that the FCA are expecting all firms who advise on mortgages to be planning the implementation now. Indeed, they are tracking the progress of all mortgage regulated firms during Q2 2013 via an online survey (we do not believe the survey is open for completion yet).

Read More
Dark_wall_just_ateb_signage

Professional Standards Data Return

Compliance

The FSA requested in their email of 06th December 2012 that the professional standards data collection return for each firm had to be submitted by the 29th January and subsequently within 20 working days from the end of each quarter if there had been a change at the firm.

If there has been a change at your firm i.e. unqualified staff now qualified or a change in personnel then please ensure that the spreadsheet is completed and returned in time.

Read More
Dark_wall_just_ateb_signage

Capital Adequacy and CCL ‘A’

Compliance

As you will be aware the FSA delayed their new capital resource requirements by a couple of years which means the changes come into effect this year.

The new requirements are being introduced over the next three years and are basically as follows. EBR is your ‘Expenditure Based Requirement’ i.e. the amount of fixed expenditure you need to hold as capital. The calculation is not straightforward; for further information, including additional requirements for subordinated loans please click here.

Read More
Load More