For the past year, the Markets in Financial Instruments Directive II or MiFID II has placed a lot of difficulties for financial firms in terms of compliance. These directives were made for financial firms to record their communications with their financial advisors, sales personnel, and clients. These requirements include mifid call recording and other forms of mobile conversation recording for security. However, research shows that 40% of financial firms have been non-compliant with these matters.
One of the many reasons why firms are not able to comply is the difficulty when it comes to finding the right MiFID voice call recording solution. Call conversations between financial professionals and their respective clients are to be recorded. Unfortunately, a lot of people in this field are not aware of this. It’s a good thing that Telemessage offers these types of services to ensure that companies remain compliant in the midst of these difficulties.
It has also been a challenge to maintain a unified archiving system. The new legislation requires firms and companies to record communications for up to seven years; a matter easier said than done. This is because the channel communications used by employees nowadays has grown widely and will continue to do so with this age of technology and social media.
To learn more about this topic, you can read this infographic by Telemessage.