The Compliance Doctor

Providing a cure for common compliance headaches. Broker Network’s Head of Compliance helps a broker with a telephone call recording dilemma.

Dear Head of Compliance,

We’ve received numerous sales calls in recent months from companies offering us telephone systems with recording  acilities. They’ve stated that from 31 March 2009, the FSA will be making it compulsory for all advisory telephone calls to be recorded. With quotes for this facility ranging between £5,400 and £9,000, and the consequences of noncompliance similarly daunting, this is a call that we don’t want to get wrong. Can you help?

Yours
A Broker

Head of Compliance replies:

"Sales calls elicit varying responses from our Members. Some will listen attentively; others will put the phone down without hesitation! One thing many of them have in common is their desire to find out if what they’re being told is true. That’s where we can help them. 

In this instance, the sales claims are essentially inaccurate.  Call recording can be useful both for training purposes, and as evidence in the event of a complaint. 

However, whilst an FSA Consultation Paper (CP07/9) proposed that firms dealing in the equity, bond, financial commodity and derivatives markets should record calls, this has not been extended to encompass general insurance intermediaries. 

My team spends time getting to the bottom of these issues so our Members can concentrate on what really matters:  making their business successful.

To make an enquiry please contact us on 0844 248 0037.

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