An overseas conference sponsored by some of the biggest fund managers in the UK has been cancelled following delegate concerns about the FCA’s new inducement rules.
The European Research Visit held by conference organiser Marketing In Partnership was scheduled to be held in Brussels in March for a range of wealth managers and researchers.
Fundweb understands a number of delegates and sponsors cited compliance concerns following the FCA’s latest inducement rules and said they were unable to attend the event.
MIP co-founder Helen Wagstaff says: “We listened to delegates and fund group sponsors and they are telling us that compliance is making it very difficult for people to justify overseas events where the fund managers are not based.
“We are probably going to hold the event in London later in the year.”
Recent FCA inducement rules published by the regulator stipulated hospitality events were located within the UK and adviser attendance is not based on criteria that incentivise poor behaviours such as business volumes.
It also stipulated that events are designed for business purposes, such as product training to boost advisers’ customer service. Payments for food and drink must be proportionate, not extravagant and any overnight accommodation are only paid for where necessary.
All fund managers involved declined to comment.