What is this black box?

It was supposed to protect the BT from RF interference. You can either replace it with a modern junction box with RF filter or just a regular junction box if you will filter it at the master socket anyway
 
Do you think it while cause any issues with fibre sync speeds? My parents are on a 38mb service but the router syncs at 8mb.
 
Not really, it's basically where the external BT cable terminates into the indoor cable. You'd only replace it if it's an eye sore and you want a much smaller plain white junction box to sit on the window sill and be inconspicuous.
 
Unless I'm looking at it wrong, is that 3 wires connected? 1 wire will highly likely be the ring wire which is not used any more, unless you have a really old legacy landline phone. For broadband, it can cause interference and can even lower speeds.
 
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