Advisers could be forced to record client calls

Firms would also need to take "all reasonable steps" to record face-to-face meetings and electronic communications relating to actual or proposed client transactions. Currently some retail financial advisers are exempt from the recording rules laid out in MiFID II - the Markets in Financial Instruments Directive II. But there are plans to extend the rules to these exempt ‘Article 3' firms. MiFID II specifies the need to record certain telephone conversations and electronic communications. These include transactions done when dealing on own account and the provision of client ord...