The advent of new EU rules forcing firms to keep records of electronic communications including an “avalanche of content” on social media has prompted one business to double its UK team.

The imminent implementation of MiFiD II - expected in January 2017 - has prompted a hiring spree by Smarsh. Three new staff have joined.

The company, which specialises in archiving said there is a rising demand for its help as financial firms face up to new rules to follow, including data security and record keeping requirements.

Firms will be obliged to keep records relating to all services, activities, and transactions, including recordings of telephone conversations and electronic communications.

Regional director James Thompson said: “We are expanding our European team due to the rise in demand we are experiencing as firms look to Smarsh for assistance to archive and supervise their electronic communications and voice recordings, ahead of MiFID II implementation date.

“This will be a pivotal year for financial services firms as they look to ensure they are archiving properly and thereby meeting their data security and record keeping requirements. The advent of MiFiD II poses even more extensive requirements for financial firms, beyond their existing FCA obligations.

“This is no small ask given the number of channels used in day to day communications.”

He said: “Today’s financial firms are becoming increasingly aware of their regulatory requirements when it comes to record keeping and there’s a dawning realisation that the traditional model of capturing data isn’t really fit for purpose.

“New emerging mediums and content types such as social media, text messaging and online sites are creating an avalanche of content that businesses need to capture and review. Firms need access to technology that enables them to identify any risks effectively and cost efficiently across a broader range of content.”

The appointments include Steven Fox to the newly created role of head of customer support and Giulia Granato as marketing executive.

Mr Thompson said: “Steven and Giulia bring a wealth of experience in their respective fields and we look forward to benefitting from their expertise as we implement our technical and marketing strategies across the region.”

Mr Fox was previously technical account manager at LMAX Exchange, an FCA regulated Multilateral Trading Facility for global FX trading and has 14 years’ Ms Granato will support Anna Carless with implementation of the marketing strategy for the UK and EMEA.

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