New call recording device launches ahead of MiFID II

MiFID II will require all investment advice that is provided over the phone to be recorded, but is expecteed to be replicated elsewhere in financial advice, including mortgage, pension and protection.

The rules will require advisers to record all of their calls, and keep recordings for five to seven years.

Callbox's new offering is a small smart box which links to the Callbox iOS and Android apps. Once plugged into the landline, Callbox automatically records incoming and outgoing calls, securely uploading recordings to cloud storage for easy retrieval.

If an IFA using Callbox is ever audited by the FCA or their professional indemnity insurer as a result of a client’s complaint, the IFA can simply forward the relevant call recordings to prove what advice the client was given.

Callbox also offers free features including sending landline voicemails through to a smartphone, filtering voicemails according to urgency, and blocking out spam calls.

Gideon Falter, Managing Director of Callbox, said: “I know that IFAs have been waiting a long time for some good news amidst all of the ‘MiFID mayhem’ so I hope that they will be pleased to hear that there is now a low-cost fix for the regulatory nightmare of call recording.”