VoiceNotes offers the solution to meet MiFID II’s record-keeping requirement of documenting face-to-face meetings and calls
The FCA amended its proposal to require advisers to tape telephone calls under MiFID II by saying they can also make a written note of the conversation. They added the regulation that all face-to-face meetings also needed to have a written note. VoiceNotes delivers the solution by documenting all calls and face-to-face meetings in minutes.
It’s straightforward to set up and use: after a call or meeting, teams dial a dedicated number from any phone, dictate the note, and hang up. Notes are processed, proofread and emailed back word-perfect. No equipment is needed or IT set-up required.
All notes are time and date-stamped, enabling them to be as contemporaneous as they can be versus recording the actual meeting, which isn’t always practical.
The FCA have laid out what minimum information should be captured under the EU rules:
(i) the date and time of the meeting,
(ii) the location of the meeting,
(iii) the identity of the attendees,
(iv) the initiator of the meetings,
(v) relevant information about the client order including the price, volume, type of order and when it shall be transmitted or executed.
In addition to the above details, the note should capture all the main points of the full conversation that are relevant to the order.
We have a 10-year track record of meeting IS, IT and data protection regulations.
VoiceNotes encrypts your information at rest and in transit, as well as creating “hash” values once the meeting notes have been transcribed to ensure that the records remain immutable. We also protect client data in accordance with upcoming GDPR regulations.
The journey to MiFID II and GDPR compliance is not straightforward by any means, but financial organisations can begin clarifying and ensuring their face-to-face records retention practices are in order by talking to VoiceNotes.
For more information please contact us on firstname.lastname@example.org / 0207 117 0066 and we’d be delighted to answer any questions.