In November 2011, the Financial Services Authority regulated that all mobile communications directly relating to a financial trade must be recorded. This was followed by the US-based Dodd–Frank Wall Street Reform, which requires that telephone trades are recorded, including those on mobiles, for any financial organisation that trades with the USA.
In January 2018, the MiFID II EU legislation took effect, significantly extending regulatory requirements within the UK. Anyone involved in the advice chain for an intended trade must record and retain their mobile communications for five years.
Adam Phones has partnered with EE and Natterbox to deliver mobile voice recording and storage for compliance.
Calls are recorded at network level, ensuring compatibility with any mobile device and avoiding the requirement to use local apps or rely on a data connection to send recordings to a centralised system.
A secure online portal allows compliance officers to set recording, blocking and redirection policies for their mobile estate, user groups, or individuals. This also provides nominated ‘data custodians’ with instant, auditable access to recordings.
The fully hosted solution includes geographically redundant storage, enabling organisations to choose the country in which they wish to have their call recordings stored.
Crucially, organisations benefit from having one supplier from which they can procure their mobile airtime, devices, MVR licensing and the associated customer and technical support – thereby avoiding the complexities of multiple vendor relationships and support arrangements.