Danish financial services regulator committed to transparency
At just over €53,000, the Kingdom of Denmark’s 5.8 million citizens enjoy the tenth-highest per capita income in the world. As such, it’s no surprise that there’s both a market for sophisticated digital financial services and a strong regulatory environment to protect users of these services.
While COVID has absolutely had an impact, with Danish GDP projected to contract by 6.5% in 2020 compared to pre-COVID-19 growth estimate of 1.9% (IMF projections), the country is also reckoned to have handled the Pandemic much better than many other economies.
Once recovery starts, its strong financial services sector is likely to be one of the first markets to become active once again. There, regulation and adherence to European law is paramount; the Kingdom is a member of the European Securities and Markets Authority (ESMA), which is actively contributing to the harmonisation of financial regulation in Europe. On a national level, however, the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark is The Danish Financial Supervisory Authority, or the Finanstilsynet.
‘Anyone offering financial services in Denmark needs to ensure their call recording processes aligns completely with what the Finanstilsynet wants’
Part of the Ministry of Economic and Business Affairs - and also acting as secretariat for the Financial Business Council, the Danish Securities Council and the Money and Pension Panel - the Finanstilsynet’s stated aims are to strengthen the market's role as a disciplinary factor through enhanced transparency, intensify management consideration of the risk profile and to improve consumer choice in terms of comparing “prices and products among companies”.
Under MiFID II, of course, credit institutions and investment firms are mandated to record phone conversations relating to transactions on the client account and for certain client order services. For example, if you’re looking to offer client advice that may lead to a trade or investment it’s your obligation to not only record the call(s) you have with your prospects and customers, but also securely archive them for a minimum of five years so as to help ensure full compliance oversight. That five years, if requested by the competent authority, can also be extended by two more years, to seven.
Clearly, anyone offering financial services in Denmark needs to ensure their call recording processes aligns completely with what the Finanstilsynet wants. The optimal way to do this is to work with a knowledgeable local partner that also has deep competence right across Europe with all things call recording in the business context.
If this matters to your business, then you should consider Touch. Our services will ensure full compliance with local, national, international, and industry-specific legal and statutory requirements, so not just MiFID and MiFID II, but GDPR, too.
That’s by way of our dedicated product for MiFID II compliant call recording for Finance, Touch Call Recording Service, which will ensure you are always fully compliance with local, national and international legal and statutory requirements. It is also fully up to date with all the latest Finanstilsynet strictures.
There’s an important COVID aspect to this service right now, incidentally; customers are communicating with providers via many non-telephonic means right now, especially Microsoft Teams. That means you’re going to want to be able to record ALL interactions accurately and completely as a result. Luckily, Touch Call Recording’s got you covered there, too, as we’re a proven provider of recording solutions across all the digital communications channels you’ll need.
As a result, Touch Call Recording Service helps companies like you with everything from compliance to documentation, dispute resolution to quality assurance, risk management to audit trails, and more.
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.
And as everything we do can be tailored to meet industry-specific requirements, ensuring the safe, secure and reliable recording of voice and digital communications, you can concentrate on what you want to do—growing your business in the strong Danish financial services market, safe in the knowledge all your interactions are properly recorded and meet all the Finanstilsynet’s legal, industry and statutory requirements.