With many financial advisers unclear on the best way to stay on the right side of the proposed changes to regulations on recording client calls, Andy MacGregor highlights some of the practical considerations
The latest Markets in Financial Instruments Directive (MiFID II) is set to come into force in January 2018, with the Financial Conduct Authority (FCA) proposing to extend the current financial sector recording requirements to financial adviser firms and wealth managers. Some estimates suggest just 10% of advisers currently record telephone conversations in compliance with the proposed regulations. MIFID II has proved a contentious subject, garnering at best a mixed response from the advice sector. Concerns about implementation costs and client confidentiality feature highly, with the FCA...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
