MiFID II and FCA call recording: compliance for voice transcription in finance

MiFID II and FCA rules require financial firms to record, preserve, and rapidly retrieve client-related voice communications, including discussions intended to lead to transactions and calls made through remote or mobile channels. While regulations do not explicitly require transcription, the material argues that accurate, searchable transcripts, speaker attribution, timestamps, metadata, tamper-evident storage, and defined retention schedules are essential for producing usable audit records at scale, with MiFID II generally requiring five years of retention and FCA rules requiring records to be available to regulators for seven years. It emphasizes that transcription and diarization errors can undermine legal audit trails, particularly for trade instructions, numerical values, and speaker identities, and recommends controls such as cryptographic hashing, access logs, PII redaction, independent audio and transcript deletion policies, manual review of low-confidence segments, and data-residency safeguards. The vendor promotes its cloud-based transcription services, models, integrations, multilingual support, and pricing, while advising firms to validate performance on their own noisy, multi-speaker financial-call data and ensure that sensitive audio is not used for model training under the selected service plan.

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