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telecoms brokerage Equinox says affected
firms have a number of options, depending
on their existing set-up. These are:
Landlines/SIP
Landlines – no system
Options:
Recording just a phone is now
possible via cloud-based providers, but
firms may have to consider a switch to an
FCA-compliant VoIP provider as the most
cost-effective option;
Phone system with landlines or SIP
Options:
A firm could add an on-premise
call recorder. Alternatively, some SIP
providers offer in the cloud recording,
but the firm would need to check its FCA
compliance and storage costs. On-
premise solutions tend to have quite a
large capital outlay but were developed
specifically for this purpose;
VoIP/Skype for business
Options:
Firms will need to ask their
supplier to provide written confirmation
from their legal/operational teams as
to whether the call recording is FCA-
compliant. A lot of VoIP providers do not
offer FCA-compliant recording and instead
just use Wav files. Firms will also want to
know how long calls are stored for and the
costs involved.
Mobiles
Mobiles can be a bit more challenging,
and if the firm’s employees use SMS, it
complicates matters further. They have a
number of options:
1
Ban mobiles
Pros:
Simple
Cons:
Reduces productivity and flexible
working
2
Add mobile clients
Pros:
Can add to existing mobiles.
All recordings in one place
Cons:
Can’t record SMS
3
Switch to recordable sims
Pros:
Records calls and SMS
Cons:
Requires being out of contract on
your current mobiles
In the same way that financial services
firms will need to assess how they are
affected and what they must do to comply
with new regulations, suppliers will need to
make sure their offering meets the needs of
affected customers so that they can extend
their business relationship to encompass
recording from landlines and mobiles.
Dave Millett has over 35 years’ experience
in the Telecoms Industry and now runs
Equinox, a leading independent brokerage
and consultancy firm. He works with many
companies and regularly advises telecom
suppliers on improving their products and
propositions.
Twitter:
@equinoxcomms
LinkedIn:
/
dave-millett/2/17b/a94
The Markets in Financial Instruments
Directive (MiFID) regulates firms that
provide services linked to ‘financial
instruments’, including IFAs and
mortgage brokers, credit institutions,
corporate finance companies, investment
firms and brokers/dealers.
MiFID has applied in the UK since
November 2007, but is now being revised to
strengthen investor protection. Under MiFID
II rules, set to take effect from January
3, 2018, financial services companies
must take all reasonable steps to record
telephone calls, electronic communications
and face-to-face meetings that relate to
actual or possible transactions.
Records must reveal the terms of any
orders placed and will need to be kept for
at least five years and, in some cases, for
seven years or for the duration of the client
relationship.
The range of companies covered has
been extended to include commodities
brokers, previously excluded, and
insurance brokers who take cover products
with an ‘investment element’ i.e. where the
maturity or surrender value is wholly or
partially exposed, directly or indirectly, to
market fluctuations.
In order to comply with the rules,
customers of yours that are affected may
have to upgrade their telecoms systems
to support the recording of both fixed and
mobile calls. Dave Millett of independent
David Millet
Are your customers ready for MiFID II?
How might new MiFID II legislation affect telecoms provision in the finance
sector? Dave Millett of independent telecoms brokerage Equinox considers the
options of affected firms
...continued
Remote access will increasingly
be used for central management of a
distributed estate of diverse devices,
reducing the number of people involved in
the device maintenance and management
process and limiting the need for onsite
support. An audited central management
strategy mitigates the security risks
inherent with large support teams, while
lowering maintenance costs, improving
uptime and enhancing estate efficiency.
5
More businesses will integrate
remote access capabilities ‘under
the hood’
Just as the adoption of remote access
is increasing within and between
companies, we are seeing a significant
rise in the integration of remote access
software directly into products. This OEM
integration model is part of the growing
IoT phenomenon, providing high value
products with real-time connectivity to
reduce the cost of maintenance, improve
support efficiency and enhance customer
service.
A good example are aging ATMs that
have been in operation for many years and
for which support has ceased. Microsoft
discontinued support of Windows XP
in April 2014, yet many ATMs are still
running this old OS without the benefit
of the latest security patches. This is
expensive and opens them up to a range
of vulnerabilities.
To address the situation, the banking
sector is starting to put remote access
capabilities directly into ATMs for remote
diagnostics, management and central
OS upgrades. As well as helping financial
institutions to reduce the cost of operating
their ATM estates through more efficient
central management and fewer onsite
service calls, remote access has enabled
them to improve the customer experience
by providing on-screen communications
and advice.
The integration of real-time remote
access into ‘smart’ devices extends
well beyond the banking sector, and
as businesses seek to cut the cost of
management and support, we are seeing
it in industries as diverse as retail, fleet
management, manufacturing, consumer
electronics and healthcare. Wherever there
are valuable devices that demand high
uptime and reliable operation there is a
case for real-rime remote access.
