FCA sharpens focus on adviser hospitality

In its third consultation on European regulation the Markets in Financial Instruments Directive (MiFID II), out on 29 September, the regulator said it would impose a blanket ban on hospitality, with the exception of minor non-monetary benefits, which it will list on its website. These would need to be "reasonable and proportionate and of such a scale that they are unlikely to influence the investment firm's behaviour in any way that is detrimental to the interests of the relevant client", it said. The FCA wants to curb what it deems to be the "widespread provision" of non-monetary ben...