While current regulations stipulate a requirement to record mobile phone calls for those operating within certain remits of financial services (specifically traders), MiFID II has introduced a wave of enhancements that have overhauled every facet of call recording; from the storage duration, to the use of recordings, through to enforcing call recording on organisations who previously were exempt.
Key changes to mobile voice recording under MiFID II:
MiFID II stipulates that calls must be recorded for anyone in the “advice chain” that could lead to a trade.
The retention period for call recording data is increasing from six months to a minimum of five years.
Demonstrate to regulators that recording data can be retrieved quickly and easily for a specific transaction or within a given time period.