Skip to main content

2018 set to be the year of compliance?


With the EC’s MiFID II Markets in Financial Instruments regime coming into effect last week, it’s clear that 2018 is set to be a year characterised by regulatory change and compliance efforts.

Sabio Group – communication

The latest MiFID directive clearly states that firms operating in the financial services sector should not only record interactions with customers, but also ensure the quality, accuracy and completeness of phone recordings and electronic communications records. Organisations now need to not only record interactions where a sale/order is made, but also all the conversations leading up to that interaction. The regulation also places a requirement to proactively contact the FCA (Financial Conduct Authority) if they know or think that any of their recordings have failed.

This places increased pressure not just on resilient call recording technologies, but also the compliance processes associated with them. It’s simply not possible for customer contact operations to manually check the validity of each recording, so there’s a pressing requirement for a next generation assurance solution – such as Sabio’s innovative Recording Assurance as a Service (RAaaS) platform that can analyse events from multiple applications to highlight recording failures and associated issues.

This year also sees the introduction of PSD2 – the European Commission’s Second Payment Services Directive, the UK Treasury’s Open Data Initiative, and the Competition and Markets Authority’s Open Banking initiative that ordered the nine biggest UK banks to allow licensed startups direct access to their data. And of course May 2018 also sees General Data Protection Regulation (GDPR) rules coming into play that will significantly impact how customer-facing businesses process and handle their customer data.

While organisations adjust to accommodate these regulatory and compliance requirements, 2018 will also see their customers becoming much more aware of how the businesses and social media platforms they engage with capture and use their data. How do you think your customers will react?

In this week’s SabioSense we focus on how GDPR is set to accelerate the trust agenda, look at how Open Banking and PSD2 regulations could see a fundamental realignment in banking, and highlight how MiFID II compliance requirements could crowd out PSD2 and GDPR efforts.


Start your journey with Sabio

Start your journey with Sabio

If you’re interested in developing more efficient and effective customer experience for your business, our team of experts is always on hand to help.

Call us: +44(0)344 412 3000 Email: [email protected]

Related resources

View all resources

Speak to an expert

If you have any questions about what Sabio can do for your business, just leave us a quick message. One of our experts will get right back to you.

Can I help?