Nick Bayley Quoted in the Financial Times: Chelsea Flower Show Feels the Pinch of New Anti-corruption Rules

Nick Bayley, Managing Director in Duff & Phelps Compliance and Regulatory Consulting practice, was quoted in the Financial Times discussing how corporate hospitality is increasingly frowned upon by regulators over potential conflicts of interest.

Stringent new rules around entertaining and gift-giving came into effect in January this year, with the arrival of MiFID II, where asset managers must refuse any perks which could be interpreted as inducement to trade. UK regulators have generally taken a much stricter stance on client entertainment since the financial crisis, and the introduction of the 2010 Bribery Act.
 
Still, some companies have continued unabated. “A lot of firms have clamped down on receiving any hospitality, however trivial, whilst some firms are still operating seemingly un-impacted by Mifid II,” said Nick.

Financial Times subscribers can access the full article here.