If you need MiFID recording of calls in Sweden, it’s best to do it ‘The FI Approved’ Way
What does the call recording landscape look like from the perspective of Sweden? Well, local regulator the Finansinspektionen has oversight – which means you must follow their regulations while complying with MiFID and other relevant legislation.
As anyone working in the European and global financial services sectors will now be aware, MiFID II details why and how recordings between a client/investor and a third party should be made. That should make trading and operating across the entire EU/EEA simple and transparent, but each country in the EU can (and does) implement the Commission’s Directives according to their perceived local needs. That complicates things a little for any vendor wanting to do business in the EU, even if they are not part of it.
Take Sweden, Europe’s fourth largest country by area with 10 million-plus citizens—which The World Economic Forum consistently ranks as one of the top ten most competitive countries to do business in (coming in at 81.7 versus the US’s 100) and one of the best places to do ‘digital business’ in (11th out of 42), while Eurostat ranked it in 2019 as the best country in Europe for innovation.
With the OECD noting that the nation enjoys a strong knowledge-based economy and is well integrated in global value chains, Swedes enjoy the 12th highest GDP per head in the world (7% of people in work in the country earn over $90,000 a year). Having so many high net worth individuals makes the county a naturally strong investment and financial services market, it’s no surprise that its capital, Stockholm, alone has 114 banks.
The central role of the Finansinspektionen
In the business world, while the country still makes most of its export money from resource-based industries, it definitely has a successful private commercial sector: 16% of Sweden’s wealth is derived from the technology and telecommunications verticals, for example. A particular area of success here is Fintech, with Swedish-nurtured start-ups like Klarna, iZettle and Seamless starting to become genuine global brands in the online and mobile payments service area, for instance.
Indeed, Sweden's fintech sector saw investment of €778m in 2019, the seventh largest amount of any country in the world, and only the UK and Germany received more in Europe. Such success is not the only sign of a strong local financial services sector; insurance is also buoyant, with 97% of the nation holding a home insurance policy, there were just over 14 million property insurance policies in 2019, for instance.
The local financial regulator (and thus the national Sweden-wide body responsible for dealing with MiFID II) is its Financial Supervisory Authority, or in Swedish, the Finansinspektionen (sometimes shortened to ‘FI’ by those who speak the language of Abba and Inspector Kurt Wallander).
Numerous protections against people having call privacy breached
The Finansinspektionen has the job of handling the oversight, regulation and authorisation of financial markets and their participants and thus the protection of all residents. The organisation puts protecting consumers front and centre of its activities (“FI shall contribute to a stable financial system that is characterised by a high level of confidence and well-functioning markets that meet the needs of households and firms for financial services, while at the same time providing comprehensive protection for consumers”).
Controlled in turn by the Swedish Ministry of Finance, the Finansinspektionen thus sets the rules for any organisations looking to offer financial services in the Kingdom. MiFID (and MiFIR) became part of Swedish law January 2018.
All major legislation, like GDPR and MiFID II statutory requirements
To ensure you meet both of these targets, why not work with our fully MiFID II and Swedish local market regs compliant Touch Call Recording Service? We have a proven track record in helping financial services companies like you meet a wide range of requirements, including MiFID II and GDPR.
And, for even more reassurance, Touch Call Recording Service also supports the Dodd-Frank Act and its recording requirements (The Dodd–Frank Wall Street Reform and Consumer Protection Act is a United States federal law), for financial companies dealing with US customers.
At Touch, we help you stay compliant. We’ve transitioned many customers from legacy recording solutions – such as Nice - to a future-proof, modern multi-channel recording service. As a part of these projects, we also convert and establish a historical archive for all your old recordings to Touch, in an open and standard format. We look after the future – and take care of your historic compliance needs too.
In parallel, Touch Call Recording Services enable customers to boost productivity, add value to their communications, unlock rich insights into performance, and deliver improved customer service. And, as stated, the Touch Call Recording Service complies with all major legislation like GDPR and MiFID II statutory requirements, so why not work with real experts to make sure every transaction you conduct in Sweden meets every part of the Finansinspektionen’s requirements?