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Callbox launches low-cost IFA solution for FCA’s proposed call recording rules


British technology start-up Callbox has launched a low-cost product aimed at allowing UK IFAs to comply with the Financial Conduct Authority’s (FCA) new proposal that all of calls are recorded and kept for between five and seven years.

The new Callbox smart box, which links to the Callbox iOS and Android apps, plugs into a standard landline, and automatically records incoming and outgoing calls, securely uploading recordings to cloud storage for easy retrieval.
If an IFA using Callbox is ever audited by the FCA or their professional indemnity insurer as a result of a client’s complaint, the IFA can simply forward the relevant call recordings to prove what advice the client was given.
As well as its call recording service, which comes just in time for the anticipated announcement of the FCA’s proposed MiFID II rules in June, Callbox also offers free features including: sending landline voicemails through to a smartphone, filtering voicemails according to urgency and who they are for, blocking out spam calls and taking a voicemail instead of letting the telephone ring after hours.
The entire system is controlled via simple iOS and Android apps.
Callbox is made and designed in Britain and is available for preorder now at for GBP199 including VAT, plus a subscription costing GBP9.99 per month including VAT for unlimited secure cloud call recording.
Gideon Falter, managing director of Callbox, says: “I know that IFAs have been waiting a long time for some good news amidst all of the ‘MiFID mayhem’ so I hope that they will be pleased to hear that there is now a low-cost fix for the regulatory nightmare of call recording.”

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