On October 27th, the FCA (Financial Conduct Authority) announced in their Mifid II document that all Financial Advisors will be expected to record their telephone conversations. The regulator confirmed it would require the recording of “services that relate to the reception, transmission and execution of orders” to be recorded at all times. Applicable to all Article 3 firms, including investment advisers, recordings of client calls will have to be stored for a minimum of five years once the rules come into force by January 3, 2018.
In response to the announcement, industry analysts expressed concern for smaller firms, citing that the cost of protecting their clients and advisors may outweigh the overall benefit of the regulation. Dean Mullaly, managing director of Mark Dean Wealth Management, said, “I don’t think it will necessarily be about the headache or the intrusion on secrecy where client-adviser relationships are concerned, but it will come down more to cost than anything else. Smaller firms are probably more concerned [about the changes], and not necessarily because they’ve got anything to hide.”
Call Recording systems in general have been an expensive solution, however have been mandatory in many transaction oriented environments such as trading floors, contact centers as well as other areas of the Financial Services enterprise. The deployment of such a system for a small firm can be very expensive, however according to this latest regulation, a requirement to competing and surviving in this volatile industry.
CallCabinet’s ATMOS cloud based compliance recorder solves the problem for the small firm. ATMOS is a unique solution that solves the transaction recording issue while taking the benefits of a cloud based environment. Even if the customer has their own communication network on-premise, ATMOS can record conversations into the cloud in a seamless, reliable environment, while guarding important information about the conversation by providing 256 bit encryption and secure transmissions between the ATMOS client and the ATMOS cloud.
ATMOS is unique where the customer can pay as they grow. ATMOS customers only pay for usage, thus limiting the investment into bulky, on-premise systems that have to be installed, maintained and upgraded on an as needed basis. With ATMOS, all of the infrastructure is in the cloud, making it simple for small and large firms to get the latest software and reliability without the investment in costly infrastructure, service contracts and hardware!
“The latest regulations by the FCA put a financial burden on smaller investment firms and make it difficult to get a return on their investment. Call recording is like an insurance policy, there when you need it most”, states Ryan Kahan, CEO of CallCabinet. “ATMOS alleviates the financial burden by offering a low cost, scalable and reliable call recording solution for all financial advisory firms. The firms pays as they grow, only adding more recording channels as they need them and only paying for the storage they use. ATMOS provides the firm with a fixed monthly cost, rather than a never ending investment in an on-premise call recording system.”
CallCabinet is offering financial advisor firms an introductory package to “test drive” ATMOS for 30 days. If they are not satisfied with the product and support, It can be simply removed within minutes. Kahan is confident that small firms will find that ATMOS will meet their call recording needs and provide a low cost solution for the current and any future regulations to come.
Find out more about ATMOS by visiting the CallCabinet website at www.callcabinet.com.