U.K. Regulator Rules Free Sports Events Breach Hospitality Rules

Britain's Financial Conduct Authority said that financial advisers accepting free invitations to sports events or dinners "risk breaching hospitality rules," according to Huw Jones of REUTERS. The FCA has the power to "ban or fine individuals working in financial services and wants to ensure that advisers are not swayed by generous hospitality into recommending a particular company's product to their clients." The watchdog said that hospitality events must "improve knowledge about a product in order to give customers a better service." This "was not always the case," it found. The Wimbledon tennis championships and Britain's Six Nations rugby tournament have "long featured in corporate hospitality," although the FCA "did not name any specific events" (REUTERS, 4/18).