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Business

UK BUSINESSES STILL UNPREPARED JUST WEEKS AHEAD OF DEADLINE

UK BUSINESSES STILL UNPREPARED JUST WEEKS AHEAD OF DEADLINE

Red Box Recorders’ research released today has found that 73% of ITDMS and senior compliance managers are not completely ready for MiFID II with 1 in 5 (21%) still not fully aware of the regulations coming into effect on 3rd January 2018.

With just weeks to go, levels of education of the regulations’ implications and urgency to comply remain low.

Commissioned by voice recording specialists Red Box Recorders, the report takes a temperature check of attitudes, preparedness and concerns around the regulation and the results show as much confusion as ever:

  • Over half(53%) admitted that they don’t know the exact date of the implementation
  • Only 15%said they would describe their knowledge as complete
  • A quarter(25%) admitted to not being fully aware of the increased financial penalties
  • 43%were not fully aware of the requirements on client communications or how long they should be retained

When MiFID II becomes law in January 2018, financial service providers will be required to capture, retain and reconstruct all communications between buyers, sellers and investment intermediaries.

While 38% said that MiFID II will have a significant impact on the way they do business, one of the key issues holding people back is the unknown effect that Brexit will have on the regulations. Nearly all (91%) of the respondents believed that the current negotiations have made MiFID II plans more ambiguous.

Over half of the ITDMs and senior compliance managers surveyed said they had extensive plans to invest in technology and infrastructure for compliance in 2018 and 95% are investing in compliance systems for inter-regional financial trading.

Compliance with MiFID II means having to broaden and deepen the range of record keeping of all client communications with an increase in penalties for those failing in these obligations.

Ensuring compliance, Red Box Recorders capture all communications from back to front office and mobile conversations. Offering seamless integration with organisations’ existing systems (including turrets) and compliance archiving and analytics solutions including Bloomberg Vault. Red Box Recorders is also able to produce transcription of all calls that can be used to audit and analyse 100% of calls for insight and fraud detection.

This research from Red Box Recorders shows that many organisations in the UK are still unsure on what MiFID II means for them, and it is now crucial that everyone begins to research what solutions they need to ensure all communications are compliant.

Red Box Recorders guarantee complete communications capture with over 25 years’ experience in the voice recording sector working with top banks and 85% of global interdealer brokers around the globe.

To help those still looking for advice on how to get ready for MiFID II, Red Box Recorders have launched an online hub including an extensive white paper available at https://www.redboxrecorders.com/mifid-ii-countdown/.

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