MiFID II: Countdown To Compliance
Today has been circled on the calendars of global financial services organisations, large and small, for some time, but is everyone ready for it?
At Red Box Recorders, we commissioned research to give a snapshot check of attitudes, preparedness and concerns ahead of the MiFID II implementation coming into effect today.
Speaking to IT decision makers and senior compliance managers across the industry has shown that while institutions may be aware of the looming deadline, it doesn’t mean they have solid implementation plans in place to be fully MiFID II compliant in time, particularly surrounding the regulatory requirements for areas such as call recording.
The research results showed:
- 73% are not ready for the MiFID II regulations
- 1 in 5 (21%) admitted they are still not fully aware of the rules coming into effect.
- 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 around recording client communications or how long they should be retained
The importance of the regulation to all kinds of financial businesses is not in doubt, neither is the impact its implementation will have on the industry for years to come. The question comes when we look at how companies are making their compliance investment work. Looking at where they choose to prioritise capital and the types of systems they put in place will determine how they perform in the years to come.
After digesting the thousands of pages of guidance that have been published by the regulator, Red Box Recorders has pulled together our own paper outlining where we see the potential issues and primary opportunities for businesses to ensure compliance, but to also make solutions work beyond compliance.
By putting in systems that will help to unlock the true potential of the data they collect, organisations will able to leverage valuable insight to improve performance and customer experience.
To help those still looking for advice on how to follow MiFID II regulations, take a look at our white paper detailing the requirements around call recording and how to meet them. Read the full report here: https://www.redboxrecorders.com/mifid-ii/