Coming into force on 3rd January 2018 – New FCA Regulations – Is Your Business Compliant?
Replacing the original Directive, MiFID II brings changes to many areas relating to conduct of business including far more robust rules around the RECORDING and STORING of conversations!
The clock is ticking…….are you ready for MiFID II?
Any organisation providing financial services to clients linked to ‘financial instruments’ will have to RECORD and STORE all communications intended to lead to a transaction – Simply recording a conversation will no longer be compliant!
Recordings must be stored for a minimum of 5 years from the date the record is created and if requested by the competent authority up to 7 years. Recordings must be stored in a way that makes them accessible and readily available to the FCA on request. Organisations are required to ensure the quality, accuracy and completeness of records.
To ensure compliance, organisations will need to review their records on a period basis. The monitoring is specified as ‘risk-based and proportionate’. Organisations will also need to prove that the appropriate policies, procedures and management of recording rules are in place and that management have clear oversight of these.
Get in touch today and find out more about how MiFID II is going to impact your organisation and how we can help you comply with these new Regulations!
CONTACT NICK ALEXANDER on 0800 092 8161 | email@example.com