Resellers are being alerted to a double dose of forthcoming legislation which puts call recording and data compliance further in the spotlight.
Call recording specialist ReTell has joined forces with supply specialist Nimans to alert resellers to tighter controls which start early in 2018. The MiFID (Markets In Financial Instruments Directive) was first implemented in 2007 by the Financial Conduct Authority to regulate financial services and protect investors.
More than a decade later MiFID II takes effect on January 3rd 2018 and sees much stricter regulations where organisations are required to record all forms of communication where a transaction takes place or is the intended outcome.
Nimans says investment firms, credit institutions, portfolio managers, stockbrokers, corporate finance companies and data service providers are some of the many providers affected. Head of Dealer Sales Tom Maxwell says one of the key objectives is to mitigate risk and create a stable, responsible and transparent financial system.
“This is more robust regulation which requires businesses in the financial sector to record all calls and they must be held for at least five years. Businesses of all sizes are affected and severe penalties exist for those failing to comply. Resellers should be working closely with their customers to ensure a smooth transition and complete compliance.”
