Regulation  

Standard Life, L&G stand by hospitality for advisers

The 18-page finalised guidance from the regulator, published last month, questioned whether firms that offer services such as IT or consultancy assistance could be creating commission bias.

A spokesman for Legal & General said the company was confident that its practices complied with “both the letter and spirit” of the new requirements.

Similarly, a spokesman for Standard Life said it not expect to make any “material changes” in order to comply with the rules.

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Spokesmen for Friends Life and Aegon confirmed that the firms were reviewing their practices to ensure they were compliant but remained tight-lipped over whether any changes would ensue.

The guidelines have already prompted Aviva to scrap all hospitality events for advisers. A spokesman for the firm said: “The FCA has issued guidance on its position on hospitality for distributors.

“Following this new clarification, we have decided not to host hospitality events for our life distributors. This is to ensure that both Aviva and our distributors adhere to the FCA’s ruling on this matter.”