For UK Customers:
No, as long as one of the parties is aware that the calls are being recorded and so long as you are not intending to share the call recording with a third party then the other party does not need to be notified that the call is being recorded.
As in the case of a business, as long as the employees are aware the calls are being recorded the company is not obliged to inform the customer or persons they are calling that the call is being recorded.
Please click here to find out more from Oftel guide on business call recording.
Important note: It is different for other countries, for instance in some countries you need to have a recording on the phone line to say that the call is being recorded.
Please contact our Support Helpdesk for more information.