Call Recording - the Debate, the Myth and the Uses
30 January 2010
Call Recording - the Debate, the Myth and the Uses
The Call Recording Debate
For many small to medium sized firms call recording
may seem far too expensive, too complicated and intrusive. This
really need not be the case! There are benefits associated with
using systems, not least the ability to prove TCF outcomes, settle
arguments with clients or insurers and last, but not least, for
training purposes. There are also cheaper network systems that can
be utilised by smaller firms now developed.
The Myth
It seems that someone in the telephony world got the wrong end of
the stick when the FSA announced that call recording would become
compulsory for some firms. This was apparently a genuine error, but
it has led to accusations of sharp practise against the
telecommunications industry. The position is that investment firms
(stockbrokers for example) who take client instructions over the
phone to buy/sell shares and financial instruments are subject to
the requirement of compulsory call recording as of March 2009. Not
only must they have it, there are stipulations about the
functionality of the system.
The Uses
Although not compulsory for insurance intermediaries
and financial advisers, call recording should not be dismissed out
of hand. Installing a system demonstrates a commitment to FSA
compliance, it can make a small firm appear larger and more
professional, and it can act as an impartial observer. For
example, how can you prove that staff are orally communicating
eligibility and disclosure requirements to clients? Notes can be
taken, but concrete proof would be in recording. Imagine revisiting
a complaint and having all the conversations recorded. Think about
the FSA visiting and wanting proof of your compliance with ICOBs
rules and you producing conversations with clients and records of
supervisory checks on calls.
Important
If you are going to invest in a system, it is imperative that it
has the functionality to enable you to search for and retrieve
calls quickly, enjoy privacy where needed and select from a range
of options that suit your business. This is where it is paramount
that you chose a supplier who understands the industry. Of course
you will probably want to talk to your existing telecoms supplier,
indeed that can be important as the recording system needs to talk
to your phone system! The good news is that systems are sold
though telecoms suppliers, they can access the expertise to supply
solutions to the insurance and financial services industry by going
wholesale to Liquid Voice.
Liquid Voice
This is a firm who takes FSA compliance seriously even though they don't have to! They supply information and courses to their customer facing clients to help them to understand the needs of FSA supervised firms. Liquid Voice have developed additional modules which you can add to your recording system specifically to deal with FSA TCF and T and C issues. You can introduce your supplier to Liquid Voice or you can ask Liquid Voice to recommend a local supplier. You will find it refreshing to speak with a telecoms firm who actually comprehend your very specific business needs.
* The GI Consultant
* Source - The GI Consultant