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

Mortgage advice and selling standards (Policy Statement 20/1)

Compliance , , , ,

New rules around mortgage advice apply from 31 January 2020.

Read More
Dark_wall_just_ateb_signage

Non-financial misconduct

Compliance , ,

The FCA has issued a Dear CEO letter to wholesale general insurance firms concerning non-financial misconduct. This has potential implications for all firms.

Read More
Dark_wall_just_ateb_signage

Invisible advisers

Compliance , , , , , ,

Advisers no longer appear on the FS Register. What are the implications?

Read More
Dark_wall_just_ateb_signage

Pension switches (and other replacement business)

Compliance , , , , , ,

Is your pension switch advice suitable?

Read More
Dark_wall_just_ateb_signage

5MLD – the Trust Registration Service scope widens

Compliance , , ,

The scope of the TRS has widened under 5MLD.

Read More
Load More