Call Recording
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 For more information just follow the link.
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.
Liquid Voice
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