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

https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

FCA Survey – problem question

Compliance ,

We wrote recently about the latest FCA survey. This is mandatory and some firms have been querying how to answer one of the questions.   The question asks – What are your estimated cash needs (fixed costs, known variable costs) and expected cash inflows between 1 March and 31 May 2022? (GBP) Please report the […]

Read More
https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

FCA survey number 7 – Tranche 2 firms

Compliance , , , , , , ,

The FCA has advised as follows in relation to Tranche 2 firms (see definition list below).     “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June-August 2020, covering around 23,500 firms. Since then, we have repeated this survey five more times. The survey has […]

Read More
https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

FCA Covid-19 Impact Survey – number 7!

Compliance , , , , , ,

The FCA has advised the following.     “We issued the first phase of the Covid-19 Impact Survey in June-August 2020, covering around 23,500 firms. Since then, we have repeated this survey five more times. The survey has helped us obtain an accurate view of the impact of Covid-19 and supported our work to mitigate […]

Read More
suit_bkd_may22

Trustee & Power Of Attorney As Client + Additional Wording Options

Suitability , , , , , , ,

We have completed the latest upgrade to ATEB Suitability on 22nd May 2022. This update comes at no additional cost and provides firms with the ability to write suitability reports and letters to Trust/Trustee(s) and Power of Attorney(s) as client. Full details of the enhancements can be found in the tables below, but some of […]

Read More
Expectations

FCA – new power to vary or cancel permissions

Compliance , ,

The FCA can now vary or cancel permissions more quickly than previously applied.     What is changing  The  FCA now has an additional power, which enables quicker action to: vary or cancel the statutory permissions to conduct FCA-regulated activities of many FCA-authorised firms, where those firms: appear to be carrying on no FCA-regulated activities for which they have permission, and […]

Read More
Load More