A top regulatory lawyer has warned the Financial Conduct Authority (FCA) could eventually ban all forms of corporate entertainment for advisers by asset managers.
At the start of the year, the FCA issued an 18-page document covering its stance on inducements and highlighting some “poor practices” it had seen in the industry which it wanted to see quashed. It has subsequently resisted calls to provide any more clarity on the subject around what firms can and cannot pay for. Tamara Cizeika (pictured) of London law firm Allen & Overy has said she expects the FCA’s stance on this will only harden over time, and the regulator will want to stop firms from hosting corporate hospitality entirely in future. “I can say from very practical experience i...
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