Financial Call Recording

How prepared are Financial Institutions in the UK to face the demands set by regulators? We've teamed up with Fintech Finance in an attempt to find out how prepared Financial Institutions really are, pin point some of the challenges the relevant teams face, and whether the demands set by the regulators is a much more challenging task than led to believe. Some of the questions we are trying to find answers to include: How prepared organisations are within the Financial...

Telco and IT Systems failure has never been a readily acceptable option for the financial community particularly now, given the Financial Conduct Authority’s (FCA's) increasing focus on regulatory compliance. With alarming regularity, fines are being issued by the FCA - this year levels are already in excess of £818 million*. For those firms such as trading floors or financial institutions, systems failure would not only result in substantial fines but also the probable destructive loss to business if trading were...

Do you know whether your older call recordings meet the PCI compliance requirements of today? If you’ve only just recently implemented a PCI Compliant call recording solution but still need to retain recordings where you took credit card data from customers a few years back, those legacy call recordings still need to meet PCI Compliance requirements. In other words sensitive customer credit card data should not be accessible by your business or your agents, regardless of how old the call...

There is still a lot of confusion surrounding what constitutes a PCI compliant call recording solution. As an independent provider of a number of PCI compliant solutions we are in a unique position to be able to review and assess the individual requirements of our customers and identify a compliant solution best matched to budget and need. Thanks to the recent addition of a hosted PCI payment solution to our portfolio in some cases there is no need to invest...

Update August 2016 - We’ve recently put together an updated article on PCI DSS Compliance. Check out our latest articles on this topic – The Insiders' Guide to Contact Centre PCI Compliance Pause and resume in call recording can help you meet your PCI compliance obligations, but ideally this needs to be an automated process rather than an agent triggered manual method. So it’s worth reminding ourselves of the three forms of automated methods that can be used in call recording...

Following my previous blog on PCI DSS Compliance, I had some push-back on my claim that confusion persists in UK organisations regarding call recording for PCI compliance. So it’s only fair and reasonable that I should justify my observations and explain precisely why I believe that some organisations still aren’t getting it. Business Systems specialises in call recording technology implementations and with 25 years’ experience as an independent provider we have pretty much designed, installed and provided on-going service delivery...

Confusion persists in UK organisations despite the fact that PCI DSS Compliance has been on our collective agenda since 2006. In our work in the sector, the areas where we encounter most confusion can be brought into focus with three key questions: What payment card information are we talking about? We’re talking about sensitive authentication data including the full magnetic stripe data, card validation codes or pin and on no account can organisations retain such information, in any format, even...

According to a recent best practice guide on ‘How to Ensure PCI DSS Compliance’ released by call recording specialists Business Systems, there is still a lot of confusion in the market about the implications for PCI compliance when recording calls. Any organisation taking sensitive data from a customer, in particular credit or debit card details has a duty to ensure they are taking every step possible to protect customers and their data from fraudulent use and identity theft and this...

With less than twelve months to go before a UK deadline on City securities firms, to deploy mobile call recording solutions under new regulations, the Financial Services Authority (FSA) told firms at Business Systems recent industry forum to start talking to technology providers to arrange “reasonable and adequate” solutions. Jocelyn McCafferty, a manager in the FSA’s Policy Conduct unit, discussing the cost/benefits, legal and timing issues around mobile recording in the UK, EU and internationally, told delegates: “This deadline is...

For those contact centres operating within the banking, insurance and loans sector, payment protection insurance (PPI) is the hot potato right now. On 20 April 2011 UK firms lost a judicial review that will have a major impact on compensation relating to the mis-selling of PPI. As a consequence banks and associated firms will now have to review past sales of PPI and use new guidelines to judge whether any policies have been mis-sold, regardless of whether or not customers...

The Financial Services Authority (FSA) have raised their game in recent years tackling market abuse by targeting not just individuals but the firms implicated in cases. FSA fines issued in 2010 alone, reached £90 million and the trend seems set to continue. At a recent breakfast briefing, Business Systems invited Ian Mason, Partner at legal firm Baker & McKenzie LLP to highlight the challenges financial firms are facing when striving to achieve compliance. Transaction Reporting Transaction reporting is a hot...

The question we got asked most frequently in 2009 had to be: ‘is my call recorder PCI compliant?’ Unfortunately there is not a simple ‘yes’ or ‘no’ answer to this question because the question itself does not correctly address the issue. The correct question is: ‘what do I need to do with my call recordings, systems and processes to ensure that I meet PCI compliance?’ That is a very different and far more complex question, the answer to which will...