Navigating MiFID III: Voice Recording, Retention & Surveillance Readiness

A practical briefing for compliance and surveillance leaders in financial services

MiFID III doesn’t rewrite the rules on recording. It raises the stakes around them. 

Regulators now expect firms to prove that every client interaction across voice, mobile, messaging, and video is captured, connected to transactions, and actively monitored. Recording alone is no longer enough. 

What’s Changed

• From storage to surveillance: Firms must demonstrate ongoing, risk-based monitoring not just retention  
• All channels in scope: Teams, WhatsApp, SMS, mobile voice, and more  
• Richer transaction reporting: Increased pressure to reconcile communications with trade data
• EU/UK divergence: Growing complexity for dual-regulated firms    

The Challenge 

Most organisations still rely on fragmented systems. That leads to gaps in recording, weak audit trails, and limited visibility across conversations exactly where regulatory risk builds. 

The Shift 

Leading firms are moving to a unified communications and surveillance approach one that delivers: 

• Complete, provable capture across all channels  
• Strong metadata and trade-to-comms linkage  
• Surveillance-ready transcription and monitoring  
• Defensible audit trails and retention.