FCA Guidance on the Money Marketing Awards

"We have checked with the FCA policy team, and their stance is clear that providers can give and advisers can receive hospitality of ‘reasonable value’, and the Money Marketing awards meet the reasonable value test."

The FCA's guidance on 'reasonable value' is:

  • Event that is held in the UK
  • Adviser attendance is not based on volume of business
  • Event designed for business purposes
  • Payments for food and drink were proportionate and not extravagant and overnight accommodation was only paid for when necessary
  • 'Per head' costs were assessed as reasonable against previously agreed limits
  • Promotional prizes were linked to activities that increased knowledge of a provider's products or other services
  • Gifts were not extravagant or based on criteria that incentivised poor behaviour
  • Providers had a log of hospitality and gifts provided to advisers so over a certain period payments did not exceed certain limits

The Money Marketing awards are about rewarding professionalism, and the FCA have no problem with the awards in terms of breaching inducement rules.

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