CCS Mobile, a leading independent telecommunications provider based in the North East, has partnered with Red Box Recorders, an industry leading voice and data recording solution, to further enhance its telecommunications services for financial services organisations required to comply with new EU regulation MiFID II.
The MiFID II legislation, which came into effect at the beginning of January, legally requires financial services organisations to capture, store and reconstruct all communications between buyers and sellers, including recording extra details about when and how the transactions take place. The EU directive affects all financial services businesses including investment firms, trading venues, data reporting service providers and third-party firms that provide investment services or perform investment activities.
A study conducted in October 2017 by Red Box Recorders and Censuswide research agency that surveyed a sample of 100 IT decision makers and senior compliance managers across the UK revealed that 1 in 6 (16%) financial services professionals were unaware of the MiFID II compliance deadline and only 33% felt personally prepared for the implantation of the directive. In comparison, 2 out of 3 of the North East businesses surveyed were unaware of the compliance deadline and 50% of personnel admitted that they didn’t feel personally prepared for the implementation of the directive – highlighting that the North East is less prepared than the rest of the UK.
With this research in mind Red Box Recorders and CCS are working closely to offer North East businesses a communications solution that meets the new regulations. The service provides the ability to capture, monitor, store, replay and analyse back office, front office and mobile communications – so clients can be confident of full compliance.
Managing Director of CCS, Chris Lee commented: “We know that whilst many businesses are aware of the new legislation, many of those affected do not currently understand the implications for how they operate. We’ve been planning for the introduction of MiFID II for some time to ensure we’re ready to support and advise businesses on their compliance, and by being one of the first companies in the North East to offer this additional, but vital service, we are once again leading the way for positive telecommunications throughout the industry.”
Chris continued: “Our timely partnership with Red Box Recorders is set to revolutionise the way in which businesses – not just financial services organisations – operate and we believe that this new service will not only offer compliance but has many additional benefits in terms of providing businesses with valuable data insight. It has the potential to drastically improve the way in which organisations operate.”