Financial advisers have been warned about the level of corporate hospitality they accept ahead of incoming stricter inducement rules under the European legislation Markets in Financial Instruments Directive II (MiFID II).
A study looking into adviser inducements, written by Professional Adviser's parent company Incisive Media, found one-third (34%) of advisers accept corporate hospitality without restriction, warning they will be the "low-hanging fruit" in the eyes of the Financial Conduct Authority (FCA) as the new rules come into effect. The study of 89 independent and restricted advisers found they considered a football match event with a continuing professional development (CPD) component easier to accept than one without but, according to the FCA, this is not the case. In its 2016 thematic review,...
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