The use of a call recording product could have saved a UK financial services company from a fine of more than £30,000 following a major crackdown by the F.S.A.
Britain’s financial services regulator has launched a nationwide scrutiny of mortgage brokers, insurance and loan companies – and telecoms firms – aiming to ensure full compliance with industry rules. Increasing numbers – SMEs in particular – are being censured and fined.
One northern-based insurance broker has been fined over £30,000 for breaches in FSA regulations, which could have been avoided if the company had used call recording to monitor transactions and keep within the boundaries of compliance.
“The regulator is catching many companies in breach of laws regarding data protection and a range of FSA rules,” says Chris Berry, director of call recording company Liquid Voice. “Banks, stockbrokers, loan companies and retail service companies are under scrutiny. And it’s not only the big financial institutions who are being fined but SME’s, where they are focusing a lot of attention.
“The northern-based company involved in the latest fine could have avoided such censure if they had been using a call recording solution, which they do now, having installed a Liquid Voice solution. But why wait until it’s too late?”
Liquid Voice offers a comprehensive audit for companies, using an FSA-approved consultant, to identify compliance issues and ensure FSA-registered firms work within the law.
“It’s not just about having call recording in place, it’s also about procedures that are in place to deal with customers and their personal information. Liquid Recording with The GI Consultant TCF module can save FSA-regulated companies from similar fines by ensuring that the correct monitoring, transaction evidence and data protection procedures are in place. Also, the audit process is far less disruptive – the system can simply be interrogated and data retrieved.
“Companies have to prove that they are treating customers in a fair and appropriate manner. The Liquid Voice software, with the Quality Assurance, randomly samples calls to be assessed and also provides the management information needed to ensure they are delivering the appropriate service. Using the Liquid Recording solution demonstrates a commitment to TCF that the FSA is looking for”.
Says Berry: “The current FSA crackdown is a wake-up call, not just to financial services companies but telecoms companies as well”.