FCA confirms call-recording and note-taking rules for advisers

In its latest Markets in Financial Instruments Directive II (MiFID II) policy statement, the regulator has allowed advice firms of all sizes to comply with its 'at least analogous rule', which would allow firms to take notes of a call rather than record it. This, it said, follows feedback arguing that "no fair distinction can be drawn between a large and a small retail financial adviser". The FCA noted some respondents said phone recording rules would be inproportionately expensive. It disagreed with these respondents, however, rejecting claims call-recording measures would be as cost...