Advisers will have to record all phone calls under incoming Markets in Financial Instruments Directive (MiFID II) rules, the Financial Conduct Authority (FCA) has said in its latest consultation paper.
The regulator said it will implement the MiFID recording requirements to protect consumers, after finding the majority of complaints to the Financial Ombudsman Service (FOS) gravitated around conversations leading to or involving a sale. In its third consultation paper on the European legislation it said: "We think taping conversations between firms and their clients is likely to be an effective way of advancing our consumer protection objective." However, the regulator said it remains open to...
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