Telephone call recording is a popular phone system feature that an increasing number of companies are continuing to adopt today. Amongst its many benefits are its use as a training tool and a device to monitor and uphold standards of quality.
For financial services companies, however, the use of call recording systems plays a much more integral role helping to regulate and safeguard the market.
FSA Policy Statement 08/1
A policy statement issued by the Financial Services Authority (FSA) sets out the standards required for companies to record voice conversations and issue electronic communications. Policy Statement 08/1 has the purpose of preventing, detecting and deterring market abuse and sets out guidelines which help to improve the quality and volume of information available in the event of a case of market abuse.
Companies that fall under FSA Policy Statement 08/1 are those that receive client orders, negotiate, agree and arrange transactions across the equity, bond and financial commodity and derivatives markets. These companies have a requirement to install an effective call recording system and keep copies of recordings for a minimum 6 month period.
Treating Customer Fairly (TCF)
In addition to FSA Policy 08/1 regulating financial services institutes, the Treating Customers Fairly (TCF) principle can also be monitored through a telephone call recording system.
Outlined by the Financial Conduct Authority (FCA), there are 6 outcomes that the TCF principle is intended to achieve:
- Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture
- Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly
- Consumers are provided with clear information and kept appropriately informed before, during and after the point of sale
- Where consumers receive advice, the advice is suitable and takes account of their circumstances
- Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect
- Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint
An effective business telephone call recording system can help companies meet these 6 outcomes by monitoring conversations and ensuring company representatives are providing suitable advice.
Call Recording Systems for Financial Institutes
However large or small your organisation, there is a call recording system for you. Easily integrated into your existing business telephone system, a tailored solution can record from as little as 2 telephone calls simultaneously up to an astonishing 2,400 calls across multiple geographical locations from a single chassis.
Whichever size of solution you require, your business will benefit from a sophisticated system that provides you with comprehensive records that can be effectively managed with a wide range of tools and features.