{"id":16976,"date":"2018-02-19T12:02:08","date_gmt":"2018-02-19T11:02:08","guid":{"rendered":"https:\/\/www.savecall.de\/mifid-ii-law-on-voice-recording-in-the-financial-sector\/"},"modified":"2026-08-05T16:48:53","modified_gmt":"2026-08-05T14:48:53","slug":"mifid-ii-law-on-voice-recording-in-the-financial-sector","status":"publish","type":"post","link":"https:\/\/www.savecall.de\/en\/mifid-ii-law-on-voice-recording-in-the-financial-sector\/","title":{"rendered":"MIFID II – Law on voice recording in the financial sector"},"content":{"rendered":"\n

\n

\n

MIFID II – Law on voice recording in the financial sector<\/h1>\n<\/div>\n\n\n\n

Trusted Advisor for IT & Telecommunications Sourcing<\/h3>\n<\/div>\n\n\n\n
\n
\n
MIFID II voice recording in the financial sector<\/h2>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
\n
\n
New EU directive for legally compliant communication<\/h2>\n\n\n\n
A topic for independent IT and telecommunications consulting<\/a><\/h6>\n\n\n\n
Since January 3, 2018, financial service providers and banks have been obliged to record and archive advisory meetings<\/a>. All conversations in the context of investment advice or the initiation thereof must be stored and backed up for five years.<\/p>\n\n\n\n
<\/div>\n\n\n\n
In a nutshell:<\/strong><\/p>\n\n\n\n
\n
Legal obligation: Recording and storage of all advisory and initiation meetings for at least five years<\/li>\n\n\n\n
High outlay: on-premise systems are often expensive and technically difficult to customize<\/li>\n\n\n\n
Cloud alternative: NFON Neorecording<\/a> automatically stores calls in encrypted form and in compliance with the GDPR<\/li>\n\n\n\n
Complete relief: maintenance and updates are carried out by the cloud provider<\/li>\n\n\n\n
Fast implementation: Service can be booked and integrated immediately<\/li>\n<\/ul>\n\n\n\n
<\/div>\n\n\n\n
The solution:<\/strong> SAVECALL advises financial institutions and contact centers on the selection of secure and legally compliant cloud solutions<\/a> for voice recording and data management.<\/p>\n\n\n\n
What this post covers:<\/strong> What MIFID II requires, how NFON Neorecording covers it, and how SAVECALL supports financial institutions along the way.<\/p>\n\n\n\n
The question:<\/strong> How do you meet the legal requirements for voice recording according to MIFID II without overburdening your IT budget?<\/p>\n\n\n\n
\n
Book a consultation<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
Table of Contents<\/h3>\n\n\n\n
\n
MIFID II and the Recording Obligation in Practice<\/a><\/li>\n\n\n\n
Frequently Asked Questions<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n

\n
\n
\n
\n
\n
\n
\n
\n
\n<\/p>\n\n\n
\n
\n
MIFID II and the Recording Obligation in Practice<\/h3>\n\n\n\n
Significant change for financial service providers, banks and contact center operators that target end consumers with investment products. A new EU directive on voice recording came into force on 03.01.2018.<\/strong> All discussions in the context of financial and investment advice – even the mere initiation – must be recorded in a legally secure manner and stored for 5 years. Little help can be expected from the legislator here. The responsibility lies with the bank, the insurance companies and their agencies and contact centers. Cloud services from NFON AG provide a remedy here. In everyday practice, it is difficult to determine whether a call is subject to recording or not. The problem here is that many on-premise solutions in the financial sector have grown over decades and the conversion can only take place at high cost. The NFON product “Neorecording” can be a better solution here. Telephone communication<\/a> is automatically archived and encrypted. The cloud service provider maintains and updates the systems in accordance with the rules of the German Federal Data Protection Act.<\/p>\n<\/div>\n<\/div>\n\n\n

\n<\/p>\n

\n
\n<\/p>\n\n\n
\n
\n
\n
How SAVECALL Supports You<\/h3>\n\n\n\n
<\/div>\n\n\n\n
SAVECALL provides independent advice to financial service providers, banks and contact centers on choosing legally compliant cloud solutions for voice recording, and supports selection, integration and contract management.<\/p>\n\n\n\n
<\/div>\n\n\n\n
Conclusion<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\n
IT decision-makers in affected industries are now subject to a significantly higher obligation to document their business processes. Relying on on-premise solutions here entails risks, as the legal situation can change at any time – with unforeseeable consequences for the hardware purchased – there is the threat of a cost trap. A cloud solution such as “Neorecording” from NFON, which can be implemented quickly, is simply more flexible. The service can be booked at any time. Since you are relying on a hosted solution, you are not responsible for system maintenance and updates. The Savecall experts will be happy to help you directly. Contact us at any time without obligation.<\/p>\n\n\n\n
<\/div>\n\n\n\n
\n
Book a consultation<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n
<\/p>\n\n\n
\n
\n
\n
\n
$\"Frank$ <\/figure>\n<\/div>\n\n\n\n
\n
Written by<\/p>\n\n\n\n
Frank Frommknecht<\/h3>\n\n\n\n
Key Account Consultant, SAVECALL<\/strong><\/p>\n\n\n\n
Has supported companies for over 20 years in selecting and optimizing their networking solutions. His focus: making complex telecommunications understandable from the customer\u2019s perspective and finding the right strategic solution.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
Why<\/h2>\n\n\n\n
$\"\"$ <\/figure>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
\n
\n
Telecom & IT sourcing. Worldwide. Carrier-independent.<\/h3>\n\n\n\n
<\/div>\n\n\n\n
Selection & operation of worldwide connectivity & cloud infrastructure. Without vendor risk & unnecessary costs.<\/p>\n\n\n\n
<\/div>\n\n\n\n
\n
80+ carriers worldwide<\/li>\n\n\n\n
One point of contact<\/li>\n\n\n\n
One SLA<\/li>\n\n\n\n
One portal: mySAVECALL<\/li>\n\n\n\n
Min. 20% savings<\/li>\n<\/ul>\n<\/div>\n\n\n\n
\n
Book a consultation<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
\n
\n
\n
25+
years of experience<\/h2>\n<\/div>\n\n\n\n
\n
Learn more<\/a><\/h5>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
\n
40+
Employees<\/h2>\n<\/div>\n\n\n\n
\n
Learn more<\/a><\/h5>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
80+
Partner<\/h2>\n<\/div>\n\n\n\n
\n
Learn more<\/a><\/h5>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
\n
\n
\n
1400+ Clients<\/h2>\n<\/div>\n\n\n\n
\n
Learn more<\/a><\/h5>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n
<\/p>\n\n\n
\n
\n
Sources<\/h3>\n\n\n\n
\n
Neorecording: Voice Recording Software, NFON AG, 2026<\/a><\/li>\n\n\n\n
Consulting at SAVECALL: IT and Telecommunications Advisory, SAVECALL, 2026<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n
<\/p>\n\n\n
\n
\n
Frequently Asked Questions<\/h2>\n<\/div>\n<\/div>\n\n\n
<\/p>\n\n\n
Frequently Asked Questions about MIFID II and Voice Recording<\/h3>\n\n\n\n
What does MIFID II require for voice recording?<\/strong>
The European financial markets directive MIFID II requires financial service providers, banks and their agents to record telephone conversations related to investment advice in a legally secure manner and to keep them for at least five years in an audit-proof way. This covers not only completed advisory calls but already the initiation of such advice. Responsibility for correct implementation lies with the institutions themselves, which is why many companies rely on specialised cloud solutions for recording and archiving.<\/p> <\/div>
Since when has the MIFID II recording obligation applied?<\/strong>
The MIFID II recording obligation came into force EU-wide on January 3, 2018, and has applied unchanged since then to financial service providers, banks, insurers and their agents. Anyone conducting investment advice or its initiation by phone has had to record these conversations without gaps since that date and archive them securely for at least five years, regardless of whether a contract is ultimately concluded.<\/p> <\/div>
Which calls must be recorded under MIFID II?<\/strong>
All calls related to investment advice must be recorded, including purely preliminary conversations that don’t lead to a conclusion. In practice, it is often difficult to determine whether a specific call falls under the obligation, which is why many institutions record their entire customer communication in the affected area as a precaution, to reliably meet documentation duties and avoid liability risks.<\/p> <\/div>
Why is an on-premise voice recording solution often a disadvantage?<\/strong>
Many on-premise systems in the financial sector have grown over decades and can only be adapted to new legal requirements at considerable effort. If the legal situation changes, costly retrofits or a complete hardware replacement can be the result. Cloud solutions avoid this risk, since maintenance, updates and adjustments to new requirements are handled by the provider.<\/p> <\/div>
What is NFON Neorecording?<\/strong>
NFON Neorecording is a cloud solution from provider NFON AG for the automatic, encrypted recording and archiving of telephone calls. It meets the requirements of MIFID II and the GDPR and integrates directly into existing telephony without any additional hardware. NFON, as the cloud provider, handles maintenance and updates, significantly reducing the administrative burden for financial institutions.<\/p> <\/div>
How does SAVECALL support financial institutions with implementation?<\/strong>
SAVECALL provides independent advice to financial service providers, banks and contact centers on selecting suitable cloud solutions for legally compliant voice recording, such as NFON Neorecording. As a carrier-neutral sourcing partner, SAVECALL compares providers, checks conditions, and supports selection, integration and contract management, so institutions can meet MIFID II requirements without additional internal IT resources.<\/p> <\/div> <\/div>\n\n\n
<\/p>\n\n\n
\n
\n
Articles that may also interest you<\/h2>\n<\/div>\n\n\n\n
\r\n
\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Security<\/p>\r\n <\/div>\r\n\r\n
\r\n
managed-security-service-provider-germany<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Satellite$ <\/div>\r\n
WAN<\/p>\r\n <\/div>\r\n\r\n
\r\n
wan-costs-site-connectivity<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Satellite$ <\/div>\r\n
WAN<\/p>\r\n <\/div>\r\n\r\n
\r\n
wan-monitoring-visibility-operation<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Satellite$ <\/div>\r\n
WAN<\/p>\r\n <\/div>\r\n\r\n
\r\n
wan-sla-mttr-what-counts<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Satellite$ <\/div>\r\n
Voice<\/p>\r\n <\/div>\r\n\r\n
\r\n
cloud-phone-system-provider-comparison<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Mobile radio management<\/p>\r\n <\/div>\r\n\r\n
\r\n
Business Mobile Provider Comparison 2026<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Internet<\/p>\r\n <\/div>\r\n\r\n
\r\n
Business Internet Connection Which Provider Fits<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Consulting<\/p>\r\n <\/div>\r\n\r\n
\r\n
why-vendor-sprawl-destroys-agility<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Das$ <\/div>\r\n
WAN<\/p>\r\n <\/div>\r\n\r\n
\r\n
AI-Enabled Networks: Why Bandwidth Alone Isn’t Enough\u2014and What CIOs Really Need to Focus On<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
WAN<\/p>\r\n <\/div>\r\n\r\n
\r\n
Global Connectivity from a Single Source<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Security<\/p>\r\n <\/div>\r\n\r\n
\r\n
nis2-telecom-infrastructure<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"WAN$ <\/div>\r\n
WAN<\/p>\r\n <\/div>\r\n\r\n
\r\n
managed-sd-wan-provider-germany<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Internet<\/p>\r\n <\/div>\r\n\r\n
\r\n
sase-provider-comparison<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Voice<\/p>\r\n <\/div>\r\n\r\n
\r\n
Why cloud security is important<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Savecall$ <\/div>\r\n
Partner<\/p>\r\n <\/div>\r\n\r\n
\r\n
Second acquisition in twelve months: Savecall takes over landline customers from Bluestring<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Internet<\/p>\r\n <\/div>\r\n\r\n
\r\n
What and where are the challenges for the network infrastructure of most companies?<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Internet<\/p>\r\n <\/div>\r\n\r\n
\r\n
SAVECALL Holding GmbH founded: Clear structure. Strong foundation. Long-term partnership.<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"SAVECALL$ <\/div>\r\n
Security<\/p>\r\n <\/div>\r\n\r\n
\r\n
Mastering Shadow AI with SASE: Security and transparency for Gen-AI in the company<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Luftaufnahme$ <\/div>\r\n
Partner<\/p>\r\n <\/div>\r\n\r\n
\r\n
10 advantages of mobile device management<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n
\r\n \r\n\r\n
\r\n
\r\n $\"Modern$ <\/div>\r\n
Internet<\/p>\r\n <\/div>\r\n\r\n
\r\n
Insights into the requirements of a modern workplace<\/h3>\r\n
\r\n
Learn moreLearn more<\/h3>\r\n <\/div>\r\n <\/div>\r\n\r\n <\/a>\r\n <\/div>\r\n <\/div>\r\n\r\n
<\/div>\r\n
<\/div>\r\n
<\/div>\r\n<\/div>\r\n\r\n