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
Introductory Guide to MiFID II
Introductory Guide to GDPR
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.