FCA to force advisers to record phone calls under tighter MiFID II rules

The regulator said it will implement the MiFID recording requirements to protect consumers, after finding the majority of complaints to the Financial Ombudsman Service (FOS) gravitated around conversations leading to or involving a sale. In its third consultation paper on the European legislation it said: "We think taping conversations between firms and their clients is likely to be an effective way of advancing our consumer protection objective." However, the regulator said it remains open to considering an alternative approach for smaller adviser firms. The FCA had already said i...