Research by Timico, the British cloud service company, has found that only 8% of British financial companies believe that their employees are fully aware of the legal implications of the European Union's second Markets in Financial Instruments Directive and have been trained in the correct procedures.

Timico's recent survey interrogated 500 financial firms. With less than 30 days to go before the implementation deadline of 3rd January, moreover, Timico discovered that more than one-third of financial organisations in the country are “unprepared” for it. One-quarter said that they were not ready with their telephone recording (or 'taping,' as regulators somewhat anachronistically call it) technology.