Jonathan Pickworth authored an article, published by the Financial Times, on how the Financial Conduct Authority (FCA) has improved its supervision of the asset management industry by increasing internal resources and investigations teams to crack down on the hospitality fund managers provide to potential clients.
"As a first step, the industry needs to start taking this issue seriously," Pickworth explains.
"The sector is firmly in the regulators' sights and the FCA's scrutiny will only increase in future. More broadly, fund managers should stop and ask themselves why they engage in corporate hospitality and what they hope to achieve. Companies should seek to win clients because they offer the best service or value, not because they offer their clients' employees the best perks."