Call Recording for Financial Services

Call Recording for Financial Services

We’re experts in providing call recording for financial service companies, from large high street banks to insurance brokers.

Financial Services & FCA Compliance

The Financial Services Authority (FSA) has been replaced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority as required by the Financial Services Act 2012.

The FCA (Financial Conduct Authority – formally Financial Services Authority) regulates the financial services industry in the UK and has four main objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.

The Financial Conduct Authority (FCA) has set rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK. Initially aimed at the finance industry these rules stretched into the mortgage industry in early 2011. FCA rules are in accordance with MiFID (Markets in Financial Instruments Directive).

In relation to companies in the finance sector from March 2009, relevant firms were regulated have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets. Details of this ruling and the type of company it affects can be found in the

Recording mobile phone calls

From 14th November 2011, all relevant firms in the sector currently recording their landline calls were required to record their mobile phone calls.

Relevant firms include fund managers, hedge fund managers, inter-broker dealers, futures and options traders and stockbrokers dealing in stocks, shares, equity, bonds and derivatives. Most financial advisors unless they have an investment arm (fund managers or stockbrokers) and insurance brokers who deal with non-investment arrangements such as motor, fire, liability and other contingent type risks are not required to record their calls, although they may well be advised to do so as a precaution.

The FCA does not issue compliance to call recording companies but provides regulated companies in the finance industry with a list of requirements. Retell complies with the requirements of the FCA to encrypt recorded calls making them tamper-proof.

Read our case study on Best Invest and why they chose Retell as their Recording vendor.

The FCA requires firms to save important calls for six months or longer, Retell systems compress calls for improved levels of on-line storage, and calls can be archived to a network drive such as NAS or SAN for longer term storage. The FCA also requires that calls be easily searchable by them if they visit a regulated firm’s premises, a feature of Retell call recording systems is that calls are easily searchable using comprehensive pre-set criteria.

FCA and mobile Phone Recording

In November 2011 the FCA introduced new rules regarding the recording of mobile phones. The same institutions covered by landline recording regulations are now covered for mobile recording.

The FCA requires firms to save important calls for six months or longer, Retell systems compress calls for improved levels of on-line storage, and calls can be archived to a network drive such as NAS or SAN for longer term storage. The FCA also requires that calls be easily searchable by them if they visit a regulated firm’s premises, a feature of Retell call recording systems is that calls are easily searchable using comprehensive pre-set criteria.

Mortgage brokers often use mobiles to chase up policy payments if they are on indemnity commission:

  • At the weekend as the customer is more likely to answer
  • As the customer is more likely to answer a mobile call
  • As the customer does not see the company’s Caller ID from the office phone system which
  • they have learnt not to answer

Retell is able to record mobile calls, so that the broker gains these advantages, and yet still has the call recorded.

The FCA says that recording a call is good practice and does not differentiate between landline and mobile calls.

Retell’s Mobile Call Recording Solution

Retell has developed a secure, feature-rich and affordable Hosted mobile recording solution that includes SMS logging and GPS location tracking.

Banks and Building Societies

Retell has supplied many building societies with call recording and call management for good practice and compliance purposes with the number increasing since the recent change in the FCA’s rules regarding mortgage arrears:

“A mortgage lender or administrator must make and retain an adequate record of its dealings with a customer whose account is in arrears or who has a sale shortfall, which will enable the firm to show its compliance with this chapter. That record must include a recording of all telephone conversations between the firm and the customer which discuss the sums due.”

Critical Illness Insurance

Some people consider that the operations of Critical Illness companies will be next to be scrutinised by the FCA. The FCA already recommends the recording of telephone calls.

Fraud Prevention

Call recording can help address fraud.  Announcing to customers that you record calls deters them from illegal activity. Some organisations use voice mail ports to make these announcements but Retell’s Sense Solution is far more efficient, we’ve built it into the recorder.  As one of the few companies worldwide that make active telephony cards, Retell systems can provide announcements to your customers when they call in. There are several advantages to using this system over using voice mail including:

  • Every caller can have an announcement as soon as they call in without port limitation
  • The voicemail ports are kept free for their main purpose
  • Call management statistics are unaffected, abandoned calls are reported accurately.

Speech Analytics

Automatically monitor every call, either live historically for key phrases, check both your staff member and the customer. Use our software to ensure compliance and to pin-point training requirements. Speech Analytics is the ultimate step in business data mining and call search and replay.