New regulations for financial phone call recordings in 2018 – comply now or pay up to €20m fine

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Your hosted telephony systems and call recordings will need to do more from January 3, 2018 when the Markets in Financial Instruments Directive (MiFID) II come into effect.

From 2018, any business phone call (even if only advice related) that leads to a financial transaction, trade or investment must be recorded on a ‘durable medium’ and be held for a minimum of five years.

These aren’t rules to be dismissed. The penalties for non-compliance could involve fines of up to 40% of your annual revenue or 20 million Euros (whichever is greater). Additionally, you will also have to comply with General Data Protection Regulation (GDPR) rules. And if you have questions about GDPR, don’t fret, we’ll be publishing a blog soon about VoIP and GDPR.

There is nothing to worry, we’re trusted advisors. We have all the in-house expertise you will ever need regarding your office phone systems, as we’ve been in the telephony business since 2002. And of course, our feature rich VoIP business phone service with call recording capabilities will ensure that you do comply. Using our service your data is secure and stored in the UK.

Our call recording provides your business with an instantly accessible log of telephone calls essential for record-keeping and fact verification. It’s easy to locate and review calls so any investigations can be resolved quickly. And these are just a few of the features that we are able to offer. In the coming months we will be adding additional functionality that will make our business phone systems indispensable. Keep your eyes peeled for news from us.

Our consultative approach to all things related to VoIP for business means we can help you stay on the right side of regulations. 


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