Current market situation
Communication with customers has changed significantly in recent months, and face-to-face appointments often cannot be held in the same way as they used to be.
Telephone and video consulting had therefore to be established even in organizations that in the past relied mainly on face-to-face consulting.
Today, it is virtually impossible to provide financial services without the aid of telephone or video consulting solutions, and the expectations of customers and clients have changed significantly in this regard. Consultants have already been expected to be able to provide their services in the same professional manner virtually.
The auditor must document the handling of the topic of digital consulting as part of his duty to speak, and report it to the Federal Financial Supervisory Authority (BaFin) accordingly.
Maintaining a legally compliant recording solution is therefore essential as part of the due diligence obligations of the management of a KWG (German Banking Act) institution, or of an individual intermediary. The latter must maintain effective supervision and control over the strategies and procedures. In the meantime, it is hardly possible to credibly convey to the supervisory authorities that digital consulting is completely dispensed with, and the exemptions granted by BaFin during Corona have expired. It is therefore more important than ever to have a suitable taping solution in place.
Our commitment: Industry standard
In § 18a of the Regulation of Financial Investment Intermediaries (FinVermV-E), the recording of telephone consultation (taping) is regulated for 34f intermediaries. The provision applies analogously to video consultation.
The new version of the Regulation of Financial Investment Intermediaries (FinVermV) was adopted by the Federal Council on September 20, 2019, and came into force on August 1, 2020, after a ten-month transition period. As expected, the taping is therefore also mandatory for all 34f intermediaries. Recordings in accordance with FinVermV must be kept for ten years.
Contemporary, legally compliant taping does not have to be associated with significant costs, nor does it require the installation of special hardware or software. The recording of your consulting sessions works location-independent, no matter if you are calling from a landline or with your cell phone. Whether for larger 34f organizations with employed intermediaries or lone operators, with the MiFID-Recorder you can easily integrate the obligatory recording of your telephone consultation calls into your processes and your everyday professional life.
As a broker pool or broker service, you are the first point of contact for your brokers when it comes to the software solutions they need to carry out their activities. Even when it comes to legally compliant recording of telephone consultations and a GDPR-compliant video consulting solution, your partners will turn to your pool with confidence.
Your partners want a simple, cost-efficient, and uncompromisingly legally compliant solution from you, and would also like to obtain this service “from one source”, namely the source they trust.
The MiFID Recorder offers customized key account solutions. We will be happy to work with you to design individual product packages that are perfectly tailored to your partners and their requirements.
Furthermore, you have the possibility to connect the MiFID-Recorder to your inventory systems using the provided API. This allows, for example, direct access from the existing interface, accessing the recordings from a CRM system, or integration into your billing processes.
Give the MiFID Recorder your own name, adapt it to your own company design and make the MiFID Recorder your solution.
As a liability umbrella, you are responsible for ensuring that your intermediaries properly record their telephone consultation calls and are also held accountable by the supervisory authorities in this regard. Accordingly, management is liable when it comes to compliance with the applicable laws and regulations.
Therefore, a professional recording solution and a legally compliant video consultation, which are centrally administered under the sovereignty of the liability umbrella and made easily accessible to all consultants, are recommended.
You decide which rights you want to grant your agents within the MiFID-Recorder web interface and whether each individual or only the administrator may access the recorded calls. No matter which configuration you choose, the process is legally compliant and MiFID II compliant in any case.
At the same time, the statistics generated by the system serve you as a control instrument as to whether the required scope of recording has been achieved or, for example, as proof to your auditor that your company is paying the necessary attention to the topic of taping.
For banks and credit institutions in particular, the comprehensive certification and EBA compliance of a recording and video consulting solution is of utmost importance. The mandatory internal audit of the outsourcing partner does not allow any compromises in this regard.
Since taping is an audit-required substantial outsourcing, a solid outsourcing agreement is the basis for the use, or implementation, of a system.
At the same time, internal audit departments place great importance on certification of the audit security of the storage solution and the data center in which the deployed hardware is hosted. There is no alternative to operating the technical infrastructure in Germany.
In addition, certification of MiFID II compliance by an independent body, such as an auditing firm, is regularly required.
The MiFID Recorder offers all this. During the development of the solution, not only the technical, but also the legal and administrative prerequisites were created in order to be able to be approved by all responsible authorities, even in large organizations.
Today, MiFID-Recorder GmbH provides various state banks, savings banks, private banks and cooperative banks with outsourcing-safe recording solutions that can be operated at any time in parallel to the existing IT infrastructure without any problems.
We would be happy to demonstrate that the MiFID Recorder is also the perfect solution for you!
Feel free to contact us at any time under 089 / 189 279 269, firstname.lastname@example.org or the contact form