Inducement Rules: FCA Reminds Firms Of Expectations

Key findings of thematic review into benefits received

WILLIAM YONGE AND SIMON CURRIE, MORGAN LEWIS

On 18 April, the Financial Conduct Authority (FCA) published the key findings from its thematic review into benefits provided and received by (a) firms that conduct Markets in Financial Instruments Directive (MiFID) business and (b) those that carry out regulated activities in relation to retail investment products (Firms). The findings serve as a useful reminder that non-monetary client benefits, such as client hospitality, must be business-focused and comply with the FCA’s inducement rules.

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