LifeQuote has announced plans to review its call-recording processes to help advisers in need of recordings of client conversations.
The company, which already records 100 per cent of all client and adviser conversations, is assessing how to allow advisers to offer personalised recordings in the event of possible regulatory changes introduced by the FCA.
Neil McCarthy, sales and marketing director at LifeQuote, said: “We have always supported advisers using our outsourced client management service with 100 per cent call recording as disputes do happen, which can be especially sensitive with regards to non-disclosure at the point of claim.
“Should the FCA impose rules that mean that advisers need to have all records on their files, we are reviewing how best to provide this.”
The technology holds the recordings on behalf of the adviser but if the FCA requires advisers to have a record of all client telephone calls, LifeQuote has said it will either provide personalised data files or hold them centrally to prove the advisers is acting in the clients’ best interests.
Adviser view
A spokesman for the FCA said: “We established rules regarding the recording of telephone calls which aim to tackle market abuse by identifying and punishing those responsible.
“Calls that need to be recorded either conclude an agreement with any client or with another regulated firm on behalf of a client, or are conducted with a professional client or eligible counterparty with a view to concluding an agreement.”
Most retail, mortgage and insurance intermediaries are not affected by these rules.
