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.
Operational resilience: preparing for the switch from analogue to digital phone lines
Richard Foster Compliance FCA, Switch
The FCA has recently issued a reminder to firms about forthcoming changes to the UK telephone system. The current analogue phone network (known as the Public Switched Telephone Network or PSTN) is starting to be switched off across the UK. It will be completely decommissioned by the end of 2025, migrating to a […]