FCA will not demand advisers tape client meetings

Under the Markets in Financial Instruments Directive II (MiFID II), expected to take affect from 3 January 2017, advisers will need to record certain telephone conversations and electronic communications, and keep them for five years. The regulation puts forward that firms would also need to take "all reasonable steps" to record face-to-face meetings and electronic communications relating to actual or proposed client transactions. However the FCA, which has some leeway in deciding how to implement the European directive, in a recent meeting of its MiFID Implementation Roundtable ruled...