GDPR, MiFID II and PCI DSS regulations & Compliance requirements for Call Recording

Call Recording is an accepted tool for thousands of businesses so it is vital to know the compliance requirements relating to GDPR (Data Protection) MiFID II (financial transactions) and PCI (Credit Card Security).

MiFID & MiFID II regulation by the Financial Conduct Authority (FCA) means that many in the financial services industry including stockbrokers, traders and IFA's (Independent Financial Advisors) must record their transactions including those taken by phone. Recording telephone calls, including mobile calls helps protect consumers against market abuse, helps to prove best practice and resolve complaints.

LATEST NEWS FCA moves to regulate Claims Management Companies and rules that call recordings must be made and kept for 12 months. See more below.

New Data Protection regulation to be introduced in May 2018 (GDPR) will change some of the previously accepted call recording practices particularly in relation to saving and storing personal information and will give consumers the right to opt out of having calls recorded.

PCI DSS is a multi-faceted set of regulations governing the storage of sensitive credit card information. Wherever credit card details are being taken over the phone there must be a way that the 3 digit CSV number is not stored.

NB Data has a range of call recording solutions that will help businesses to comply with any or all the above requirements. We offer three introductory guides to current and new compliance and regulations with regard to call recording below:

Download the NB Data Guides to Regulation & Compliance

NB Data Introductory Guide to MiFID II

Introductory Guide to MiFID II

NB Data Introductory Guide to GDPR

Introductory Guide to GDPR

NB Data Introductory Guide to PCI

Introductory Guide to PCI-DSS

Whatever the size of your business a call recorder from NB Data will very quickly return your investment and here’s why;

  • Listening to your staff in a recorded call may yield surprising results-do they represent you in the way you want, or are they losing you valuable customers?
  • Good examples of recorded calls can be used to train new or poorly performing staff and assist with improving customer service.
  • Are your staff upselling, taking opportunities to improve sales or just going through the motions?
  • Consider the lifetime cost of a customer lost through poor customer service.
  • A recorded call is proof of 'who said what', saving you valuable time and avoiding costly ‘gifts’ to placate customers
  • Consider how much it costs in time and money to resolve a customer dispute that has arisen from a misheard price or quantity in a phone call
  • Recording your calls helps avoid costly delivery mistakes or order details and quantities
  • Research also shows that people lie less often when they know they are being recorded

But it’s not only business users that benefit from recording a phone call its useful for the home user too in order to;

  • Remember details from lawyers, doctors and other professionals who often use jargon that is difficult to understand on first hearing
  • Where contractors promise to deliver projects by a certain date - you could replay the evidence
  • When booking holidays, dealing with your bank, trading stocks and shares etc.
  • It is a useful way of recording oral family history or for the elderly to replay to relatives when they can’t quite understand what has been said on the phone.

Some useful references:

Brief One Page Overview of GDPR, PCI, MiFIDII in relation to call recording

FCA Ruling for Claims Management Companies

FCA Claims Management Policy Statement PS18/23

GDPR Data Protection

Guide to the General Data Protection Regulation

Draft GDPR Consent Guidance for Consultation


GDPR Rules for Marketing

GDPR Myth Busting by the ICO

MiFIDII Financial Transactions


FCA Near-final Rules MiFID II


PCI DSS Credit Card Security

Vidicode PCI Quick Reference Guide

PCI Security Standards website

PCI Security Standards Documents Library

Barclaycard PCI Support

Insurance Ombudsman Advice

Finanacial Ombudsman

Financial Ombudsman

Small Businesses & the Finacial Ombudsman

Law Society

Law Society Mortgage Arrears

Medical Protection Society

Medical Protection Telephone Consultations

Nuisance Call Action

Ofcom/ICO action on Nuisance Calls 2018

Telephone Preference Service