FCA U-turns on adviser phone-recording rules

Will now allow written notes of calls

Tom Ellis
clock • 1 min read

The Financial Conduct Authority (FCA) has taken a step back on proposals that would have seen advisers record all phone calls to clients.

In publishing an update of the proposed phone-recording rules, alongside its fifth Markets in Financial Instruments Directives II (MiFID II) consultation paper, the regulator said a full taping obligation for advisers "may not always be appropriate" due to the business model of some firms. In light of feedback on its consultation, the FCA will now allow advisers to comply with the so-called "at least analogous" rule, which means either taping all "relevant" phone conversations or taking down written notes on those conversations. The regulator will publish its final rules on phone reco...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Compliance relics: The case against PDFs and screenshots

Compliance relics: The case against PDFs and screenshots

'Partial records or flattened archives are no longer sufficient'

David Clee
clock 09 July 2025 • 5 min read
FCA data request prompts SimplyBiz's sector-wide compliance session

FCA data request prompts SimplyBiz's sector-wide compliance session

Nearly 600 advisers sign up for July webinar on navigating new s165 data requirements

Sahar Nazir
clock 09 July 2025 • 2 min read
FCA data information request: Four focus areas for advisers

FCA data information request: Four focus areas for advisers

‘Data is not just a compliance tool it’s a strategic asset’

Chris Davies
clock 07 July 2025 • 5 min read