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. In 2019 the FCA moved to regulate Claims Management Companies and ruled that call recordings must be made and kept for 12 months.
New Data Protection regulation introduced in May 2018 (GDPR) changed some of the previously accepted call recording practices particularly in relation to saving and storing personal information enabling 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. Call us on 0161 767 2540 for expert advice.