ringcentral-team
RingCentral Team
August 4, 2014
Employee experience
Telephony

Call Recording in the Finance Sector

finance sectorThe Financial Conduct Authority (FCA), formerly the Financial Services Authority (FSA), is responsible for regulation and conduct in UK retail, wholesale and financial markets with an objective of reducing financial crime.  The CP07/9 report, first issued in 2009, proposed that FSA-authorised companies should record relevant telephone conversations so that they can be referenced as evidence in the event of an investigation.  Additionally, it was expected that the recording of calls would lead to an increase in best practice, compliance, customer satisfaction and market confidence.

A number of consultations have taken place since the original report including a comprehensive research study into the cost and affordability of recording equipment and call storage, particularly for smaller businesses. In November 2009, a further Policy Statement 10/17 came into force extending the recording of calls to mobile phone conversations. Since then, there has been wide discussion around the regulation of other forms of communication such as: email, instant messaging, fax, text and conferencing.

Cloud communications can make financial best practice more manageable and affordable.  So what does a business need to do to be compliant? What is considered best practice and can RingCentral help?

FCA Policy statement 08/1 dictates that organisations involved in the transaction of equities, bonds, commodities and derivative markets should record calls on behalf of a client in a financial agreement. Furthermore, calls should be stored for a minimum of 6 months.  The FCA regulations are complex and are also impacted by associated laws surrounding the recording of phone conversations:

RingCentral Office is a complete cloud phone solution with built-in call recording feature that enables your organisation to record landline or mobile calls automatically, on demand, by individual or department.

call recording iconCalls are automatically stored in a call log for 90 days and can be played back or downloaded for archiving at any time for FCA compliance.  The all-in-one solution includes landline and mobile minutes, fax, conferencing and call recording functionality built in for a fixed, monthly cost, making the system easier to manage, more flexible and cost effective than multiple solutions from different providers. You can find out more on the RingCentral call recording feature or speak to one of our consultants by calling 0800 098 8136.

[More information and advice on the regulations and best practice can be found on the FCA Website.]