What Is The MiFID II Legislation?
As of 3rd of January 2018 a new legislation called MiFID II is coming in to force which will change the way businesses in the UK and EU are expected to handle/store their recorded calls. MiFID II is a revamped version of MiFID and the latest version enforces stricter regulations, due to the ever growing risk of cyber-crime throughout the UK and the EU.
Who Does MiFID II Apply To?
The new legislation applies to a wider business area than the 2007 version, which was only applicable to the financial sector. Under MiFID II commodity businesses, insurance brokers, mortgage brokers, estate agencies, corporate finance businesses, investment firms and any business who deals with products that have an investment element, will also need to comply with the new regulation.
Businesses within this vertical in the UK and EU must record all communications between their customers/clients and a record of those communications must be readily available for search, analysis, and retrieval when requested to do so by a regulator of the MiFID II. This regulation also applies to sales calls.
Achieving MiFID II Compliance
GPS Telecoms provide a wide range of telecoms products and services that are MiFID II compliant, if you are looking to make your business MiFID II compliant please get in touch with one of our specialist Telecoms Consultants.
