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What does the MiFiD II legislation mean for mobile voice recording?

Since the financial crisis of 2008, the financial services sector has been under increased scrutiny and EU governments have been working hard to find ways to protect the industry from the risk of collapse.

The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation which governs the sector and it is this directive that has been ear-marked for change.

From Jan 2017, Mifid II is expected to come into force which will provide financial organisations and their employees with more stringent rules surrounding their business. This could mean big changes in the way that they work and may impact their telecommunications and IT systems.

One of the most significant changes regarding communications, is that from 2017 organisations will be required to record and store all calls related to ‘firm business’. This not only means external calls but also internal ones, plus text messages and any other types of messages related to a case. These recordings must then remain in storage for at least five years, but typically more.

So how can organisations ensure compliance to these new rules without a complete overhaul of their systems?

One simple and easy option is the installation of a mobile voice recording solution, such as VSmart™.

VSmart™ has been designed to integrate with in-house recording machines to provide organisations with a complete end-to-end solution. It runs on any mobile network, so there’s no need to change mobile network carriers and no need to replace SIM cards.

The solution runs as a client on each users’ handset which communicates with the VSmart™ global VoIP Cloud network. The network then feeds the data to in-house recorders or cloud servers for secure storage for the required amount of time.

This new edition of the MiFiD legislation not only impacts financial services organisations, but also provides an opportunity for telecommunications resellers.

Wholesale Unified Communications provider, Zest4, has recently added the VSmart™ mobile voice recording solution to their product portfolio. Alongside the dedicated technical and commercial support available from the Zest4 team, this new solution provides resellers with a fantastic opportunity to grow revenue.

For more information on Mobile Voice Recording from Zest4, visit http://www.zest4.com

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