Compliance and protecting yourself against the impact of “He said/ She said” claims can no longer rely on file notes and correspondence. This is a sad fact in any business today and especially in the world of financial services
The Regulator and the Ombudsman expect firms to be ever more diligent in record keeping and how you monitor and control your staff on and off-site can no longer be based on trust.
So many large firms and institutions today record telephone calls under the guise of “training and quality control” simply to protect themselves against opportunist claims from an ever more compensation hungry consumer.
No joined up and creditable record keeping today therefore equals trouble.
All adviser firms would probably like to record all their telephone calls if it was it easy and cheap to do and if you were able to store the records conveniently with quick access to them. But for small firms this is a real issue.
The benefits are easy to see:
Business protection: You can produce clear and totally unambiguous evidence in the event of a dispute about what you or did not promise to a client from call made on and off-site.
Staff Training: Record the various client/ adviser conversations between team members and customers then you play them back together to ensure compliance and good advice standards are being met.
Quality Control: Play back call records at random to check that your staff members
are saying the right things and representing your business appropriately.
Compliance Management: Call recordings give a very convenient way to demonstrate to regulatory bodies that you are complying fully with your regulatory responsibilities.
You do not need any kind of special licence to record your calls and you are not even obliged to tell your clients that you are recording calls. The law just requires that at least one party in each conversation is aware that the call being recorded.
Cost and complexity are a very big problem, recording staff calls made off site by mobile or landline is just a nightmare. Equipment, call storage and retrieval are another obstacle to overcome. Until now small firms have neither had the money, space or resource to reasonably and reliably do so.
With traditional telephone solutions you need expensive equipment (which also bring a maintenance overhead) and it is not easy to keep a readily accessible archive of your call records
But now, low cost salvation is at hand. PanaceaIFA has teamed up with YTEL and their new-generation VoIP telephone system removes these obstacles completely. The system records all incoming and outgoing calls automatically.
Recordings are stored securely in digital format on their hosted servers for as long as you need them. You can access and playback your call recordings easily via your PC. You can search the call archive quickly either by date or by telephone number.
You can set up a new YTEL telephone solution with no initial cash outlay. They will supply you with new phones and take over your telephone numbers from your existing provider. Then you pay a monthly service charge based on the number of phones you use. If you prefer to buy your phones outright then you pay a lower service charge. There is no minimum period of contract. You can close your account at any time for any reason with no cancellation charges.
This is a simply fantastic, low cost solution that will add extreme protection value at very low cost to your business, do call 023 9267 8800 or visit their website today.