From January 2017 Independent Financial Advisors (IFA’s) must record all telephone calls with clients or potential customers which may lead to a trade. Berry Telecom’s office phone systems are fully compliant with the new changes in MiFID II Level 1. Even our entry level business phone systems offer Call Recording with cutting edge features enabling you to record, store, find, playback and archive calls to meet these new requirements of compliance, including high level encryption.
What is new in MiFID II Level 1?
To increase certainty, investor protection and deterrence of market abuse, MiFID II has the requirement that Financial Advisors and Companies record all telephone conversations or electronic communications. Whether this is when they receive or send orders, execute orders on their client’s behalf or deal on their own account. To comply, all telephone conversations and electronic communications must be recorded whether they result in a transaction or not. Records must be kept for five years, and up to a further two years where the MiFID II Member State national competent authority requests.
MIFID II Level 1 Call Recording from Berry Telecom
Berry Telecom provides industry leading business phone systems include all of the features and functionality which IFA’s need to be able to meet the new MiFID II Level 1 requirements.
We work with all phone system technologies from analogue, ISDN to SIP and VoIP, and can provide simple USB-based client/server solutions, hosted, web-based solutions or full turn-key systems that can enable the recording of many thousands of calls per day across multiple office or branches.Call Berry Telecom on 0330 222 0332 to find out more about Call Recording and how we can help you meet the requirements for MiFID II Level 1 today. You can find out about Call Recording here and download an information sheet here.