The financial sector is facing greatly increased levels of scrutiny with the advent of two new regulations that come into play in 2018. MiFID II which comes into effect in January 2018 and the General Data Protection Regulation (GDPR)in May.
MiFID II requires all communications – voice, face to face and electronic - relating to financial trades to be recorded and stored for five years. GDPR is a toughening of data permission standards. It requires marketers and data experts to clean up customer data. Ensuring the correct permissions are held. Data has to be controlled in your own environment, accurate, permissioned and compliant.
The introduction of the requirement for FCA regulated financial services firms to record all mobile voice calls and SMS, has led to many organisations having their voice recordings stored in two separate locations. Frequently fixed line recordings are being stored in an on-site recorder and mobile voice recordings being stored in the cloud. Not ideal.
Paul Millar, chief innovation officer at TeleWare explains: “The relationship with Weston stands out for us. We are working together to offer Weston customers a recording solution that holds everything in one place on-site. Mobile, fixed, SMS all in one place.”
Derek Townsend MD of Weston explains: “Our goal is to avoid swivel chair compliance. MiFID II requires financial firms to record all communications in all forms that may be involved or result in a trade. This has to be retained for a minimum of five years, with a possible extension to seven. Mobile, fixed, trader systems turrets, email, IM, SMS, Skype. If you have disparate systems in place for each solution when the regulator comes, the trade reconstruction is going to be uncomfortable. Bringing it all together on one platform, a unified solution for compliance is so much more efficient. It provides valuable insight from analytics that can be used beyond compliance, to help grow the business profitably. This solution is easier to manage, less time consuming and provides a seamless picture.”