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Mobile Recording: the regulation spotlight
by Mark Baggs: Recording Product Manager, Telefónica UK
Compliance, compliance, compliance.
The financial sector is, and has been for some time, under the regulation spotlight. I’m sure we’re all aware of requirements set by the Financial Conduct Authority (FCA) and Dodd-Frank regulation to record phone calls. And now, with new rules under the re-cast MiFIDII (Markets in Financial Instruments Directive) and MiFIR (Markets in Financial Instruments Regulation) acts, the sector barely has time to breathe as it ensures it’s compliant.
Talk to any Compliance Manager and they will tell you team sizes have doubled or trebled over the last few years to manage the increasing regulation and risk. More often than not, high frequency and algorithmic trading takes centre stage – but what about voice?
Dealerboards and desk-phones have been voice recorded for what feels like an age. But mobile phones are still perceived to be a challenge. IT departments either mandate staff dial back to a recorded conference or enforce a ban on mobile trading. As a Compliance Manager in a previous role, my personal favourite was hearing about a client who had to put their mobile on speakerphone and push record on a separate tape recorder – no surprise that it was fraught with risk and audit points.
The market did move forward and Mobile Voice Network Operators (MVNOs) picked up the recording challenge. They could provide a recording solution that was compliant and didn’t have the issues of first or second generation solutions such as user bypass or call set-up delays. However, new challenges arose for IT to tackle including cost management with increased roaming, helpdesk support complexity and yet another contract to manage.
Thankfully that’s changed again with Mobile Recording from O2. It can integrate to your existing on-premise recorders or O2 can host your data. What’s more, it’s secure. We are the first operator to be CAS(T) accredited, a security standard defined by her majesty’s government. It means we guarantee to meet all the security measures as required by CAS(T), independently verified on an annual basis by an appointed Lloyds auditor (LRQA).
To find out more, visit our website to explore Mobile Voice Recording from O2.