Phil Deeks: MiFID II recording requirements - the main challenges

Implement appropriate controls

clock • 3 min read

The regulator may have relaxed its proposals on recording relevant client conversations but, explains Phil Deeks, whichever option firms eventually pick is likely to require a number of process changes

The Financial Conduct Authority (FCA) has moved away from its previous intention of mandating that all relevant conversations involving financial advisers are recorded. The regulator's final rules, published in Policy Statement 17/14, provide Article 3 firms with the option either to record conversations relating to transactions or take written notes. To begin with, then, firms need to decide which method is more appropriate for them and apply it consistently across the business. There are many different factors at play in this decision, including the size, nature and complexity of the b...

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