FCA U-turns on adviser phone-recording rules

Will now allow written notes of calls

The Financial Conduct Authority (FCA) has taken a step back on proposals that would have seen advisers record all phone calls to clients.

In publishing an update of the proposed phone-recording rules, alongside its fifth Markets in Financial Instruments Directives II (MiFID II) consultation paper, the regulator said a full taping obligation for advisers "may not always be appropriate" due to the business model of some firms. In light of feedback on its consultation, the FCA will now allow advisers to comply with the so-called "at least analogous" rule, which means either taping all "relevant" phone conversations or taking down written notes on those conversations. The regulator will publish its final rules on phone reco...